On the topic of team sposorships/deductions...

petebanta

Addicted to Softballfans
I am self-employed/own my own biz (Web Dev/Marketing), and am thinking of sponsoring our team this year (never had one before), IF I can write it off as deductable expense (like my office/mileage is). My wife/accountant thinks this may be deductable at this level. Wondering...

* Any one else in this situation that does it (Plumbers, Carpenters, etc.)?

* What expenses are deductable? Fees? Shirts? Equipment? Would <3 to buy some nice bats for team and write them off! (Probably wishful thinking...)

* Documentation required? Would think so...

Any other info/experience on the subject/related is appreciated...
 

MorganGrafixx

Extra Hitter
I'm not an expert by any stretch, but I think you are looking at it wrong. Instead of trying to break it out into deductible expenses like Shirts, equipment, Tourney/league fees--you could just lump it all in as one larger amount. All together it could be a Community Enrichment Donation or an advertisement expense. All perfectly fine to write off 100%.
 

petebanta

Addicted to Softballfans
I'm not an expert by any stretch, but I think you are looking at it wrong. Instead of trying to break it out into deductible expenses like Shirts, equipment, Tourney/league fees--you could just lump it all in as one larger amount. All together it could be a Community Enrichment Donation or an advertisement expense. All perfectly fine to write off 100%.

I like your thinking, but has anyone pulled this off for a $300 bat? ;)
 

BaySickClothing

The Veteran
What he's saying is it doesn't have to be a write-off for a $300 bat, but more like a $1,000 (or whatever) write-off for "advertising" and that $1,000 happens to include league fees, jerseys, a bat etc etc
 

jfatlegs

Addicted to Softballfans
Yep, I do it as advertising; no breakdown necessary. If you're concerned about it being a gray area, ask your CPA...
 

eHall

Base burglar
Writing a check for a softball sponsorship is an expense, generally under the marketing category on the balance sheet. This is different than writing a check to a "charitable" organization. And don't think the return will be 1:1 on your taxes.
 

eHall

Base burglar
Yes. I write off all my bats, jerseys, and equipment for advertising. My wife is a real estate agent so we get to write it off.


All you have to do is put it under advertising if you run a business.

Better pray you dont get audited by the irs. If you do, i hope you set up an llc for the team and are writing checks to the llc as opposed to "softball fans".

Justifying a receipt for a bat from softball fans as a real estate company expense is a tough sell. But if you are writing the check for the $300 bat to the softball team llc, then all is well.
 

eHall

Base burglar
We put it as an expense for the team that she sponsors. She has banners at the field and supplies everything for my team.

Im no accountant or IRS agent, but i might still set up an llc for the team and write checks to the team account. A banner at the field/t shirts/uniforms are marketing/advertising expenses no doubt.

Equipment used by her husband for a rec sport is not something i want to explain to an IRS agent. Especially if the company shows very little or no profit.

Obviously an accountant with lots of experience can give better advice.
 

DSNuts48

Badass
Family business helped pay for my teams shirts and we put the business name on them and it was filed as advertisement.
 

synergy40

Addicted to Softballfans
dammit, my last post was legit advice.....

my advice would be to spend a boat load of money and just write it all off, buy a bunch of OG freaks and OG syns. if they are og's the irs just brushes it to the side.
 

petebanta

Addicted to Softballfans
I'm smelling a shiny, new $300 composite bat in our team's future! :)

Not a personal expense I could justify for myself, but NOW it's a F'n advertising investment! ;)

Good advice on a LLC. Gonna think about that...

:: Contemplates Starting a "What is the Best ASA Composite Bat" -thread:: :p
 
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