Team Maker Dues and contributions

[kab1one]

with the change in tax laws many will not be able to use charitable contributions due to the doubling of standard deduction(s) and congress has changed the rules in regards to the 80% of team makers dues that is deemed a deduction for 2018.

With that said, I read on Any Given Saturday NDSU or Team makers is allowing you to pre pay 2018 dues to get the deduction in 2017. Someone noted that Oklahoma is allowing 3 year pre pay. I don't believe you technically would get the deduction, but that is OU's issue, should not be an issue for a one year deduction at NDSU.

Something to consider.

[tjbison]

with the change in tax laws many will not be able to use charitable contributions due to the doubling of standard deduction(s) and congress has changed the rules in regards to the 80% of team makers dues that is deemed a deduction for 2018.

With that said, I read on Any Given Saturday NDSU or Team makers is allowing you to pre pay 2018 dues to get the deduction in 2017. Someone noted that Oklahoma is allowing 3 year pre pay. I don't believe you technically would get the deduction, but that is OU's issue, should not be an issue for a one year deduction at NDSU.

Something to consider.

going to hurt groups like TM, some will no longer see any benefit

[kab1one]

going to hurt groups like TM, some will no longer see any benefit


That is correct. Pretty good discussion on AGS and what it will do to the effective cost of the tickets.

[MAKBison]

That is correct. Pretty good discussion on AGS and what it will do to the effective cost of the tickets.

i dont think the lions share of folks are giving for the write off...it is just a perk

[56BISON73]

with the change in tax laws many will not be able to use charitable contributions due to the doubling of standard deduction(s) and congress has changed the rules in regards to the 80% of team makers dues that is deemed a deduction for 2018.

With that said, I read on Any Given Saturday NDSU or Team makers is allowing you to pre pay 2018 dues to get the deduction in 2017. Someone noted that Oklahoma is allowing 3 year pre pay. I don't believe you technically would get the deduction, but that is OU's issue, should not be an issue for a one year deduction at NDSU.

Something to consider.

Dont for get to pre pay local and state taxes and your property taxes in advance as well.

[56BISON73]

i dont think the lions share of folks are giving for the write off...it is just a perk

This............

[Bison"FANatic"]

i dont think the lions share of folks are giving for the write off...it is just a perk

It won't make a difference for football, now basketball that may be a different story.

[kab1one]

This............

I tend to think the bigger dollar donors want every benefit from the gift they can get. So a 10k donation is worth 3k deduction to the donor.

[Hammerhead]

With the standard deduction for married couples goes up to $24K, we will be a long way from needing to itemize deductions.

[kab1one]

With the standard deduction for married couples goes up to $24K, we will be a long way from needing to itemize deductions.

The thought is if you are close to itemizing in 2017, prepay everything you can, charitable, taxes, mortgage a month early. Max deduction in 2017, then roll into the double standard deduction next year. For some can be worth a few thousand dollars.

[56BISON73]

I tend to think the bigger dollar donors want every benefit from the gift they can get. So a 10k donation is worth 3k deduction to the donor.

I agree........

[GCWaters]

With the standard deduction for married couples goes up to $24K, we will be a long way from needing to itemize deductions.

But you’re losing your personal exemptions....if you have more than one kid, your taxable income actually goes up, though your marginal rate should go down....


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[gumby013]

Simmers just sent out an email on this.

Paid my 2018 amount now. Single, so I’ll be itemizing. Might as well get the deduction while I can.

[Wally]

Dont for get to pre pay local and state taxes and your property taxes in advance as well.


https://www.washingtonpost.com/local/dc-politics/tax-bill-spawns-new-holiday-ritual-waiting-in-line-to-pay-taxes/2017/12/27/1e7ea59a-eb12-11e7-b698-91d4e35920a3_story.html

[CVOLK]

Paid my 2018 Teammaker dues for both Mens BBall and Football yesterday in advance to take advantage of itemization one last time.

[kab1one]

A portion of the e mail sent from NDSU

NDSU Season Ticket Holder:
With recent news of a new federal tax bill going into effect, we are reaching out to you, a NDSU season ticket holder, to inform you that this tax reform may have an impact on your yearly tax deductions as it pertains to your payment of seat dues. As for the new tax implications on seat dues, the “80/20 rule” will no longer be an option for tax payers as a deduction. The “80/20 rule” allowed season ticket holders to write off 80% of charitable contributions attached to event tickets. Under the new federal tax law, that 80% deduction will no longer be an option.
NDSU Athletics advises you to consult a tax professional about the possible implications to your situation as it pertains to deductions and seat dues.

I actually found this very pro active from the organizations standpoint. Each person is different, but the answer I am giving my client is to pre pay if you can.

[BisonHorns]

I think people on the waiting list for tickets will be getting calls next year. Some people are going to let their tickets go now that they can't use it as a write off.

[kab1one]

https://www.washingtonpost.com/local/dc-politics/tax-bill-spawns-new-holiday-ritual-waiting-in-line-to-pay-taxes/2017/12/27/1e7ea59a-eb12-11e7-b698-91d4e35920a3_story.html

North Dakota is different than what is noted in the article as you pay 2017 taxes in 2018 typically, so by paying your property taxes in December you are paying 2017 taxes. The Post article was referencing pre paying 2018 taxes. Which will be disallowed according to this.

Minnesota, I don't believe Clay county lets you pre pay taxes, but the star tribune had an article discussing this, so maybe you can.

[Bison"FANatic"]

I suspect Teammakers will feel this next year. There will be some of our donation above and beyond seat fee that will be able to be matched with Company matching funds but not as much as they will not be able to match the 80% or the ticket portion. So overall our donation will be going down next year because if we have to put more of our own money in we will actually be choosing to give to a different charity above and beyond what we now give to Teammakers now. Do I agree with this? Yes actually I do, it is going to hurt some but the Federal government should not be in the business of subsidizing college athletic tickets.

[Twentysix]

I suspect Teammakers will feel this next year. There will be some of our donation above and beyond seat fee that will be able to be matched with Company matching funds but not as much as they will not be able to match the 80% or the ticket portion. So overall our donation will be going down next year because if we have to put more of our own money in we will actually be choosing to give to a different charity above and beyond what we now give to Teammakers now. Do I agree with this? Yes actually I do, it is going to hurt some but the Federal government should not be in the business of subsidizing college athletic tickets.This hurts us, but I agree with you. The federal government should not be subsidizing university sports programs. How that ever started is beyond me.

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[scottietohottie]

I'm so confused. Are you guys telling me that this new tax cut is eliminating a tax loophole for big business? I don't believe it. I'm sure all the new season ticket holders will be Russian.

[Mr Meaty]

If you do not participate in priority seating, 80/20 rule, will your TM contribution then be 100% deductible like it is now not belonging to priority seating?

[imabison]

I think people on the waiting list for tickets will be getting calls next year. Some people are going to let their tickets go now that they can't use it as a write off.

I guess I do not share the opinion that many people buy Bison Season tickets just for the Tax write off. I would like to think that people buy Bison tickets to go watch quality sports from a quality program.

[Mr Meaty]

I guess I do not share the opinion that many people buy Bison Season tickets just for the Tax write off. I would like to think that people buy Bison tickets to go watch quality sports from a quality program.

I agree with you.

[Twentysix]

I guess I do not share the opinion that many people buy Bison Season tickets just for the Tax write off. I would like to think that people buy Bison tickets to go watch quality sports from a quality program.That's probably true for individuals, but it's not true for corporations. Does this change influence personal tax law and corporate tax law the same way?

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[perthbison]

That's probably true for individuals, but it's not true for corporations. Does this change influence personal tax law and corporate tax law the same way?

Sent from my Moto G (5) Plus using Tapatalkexcellent question , anyone know the answer?

[kab1one]

That's probably true for individuals, but it's not true for corporations. Does this change influence personal tax law and corporate tax law the same way?

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Years ago, suite holders at the Ralph and the dome were audited to see if they were deducting the suite costs. At the time, it was a non deductible item, but many business' would deduct as a business expense. If you look at the suite holders currently, many have the signage around the fargodome. So instead of paying for the suite, the cost was deemed advertising.

As for the 80/20 rule and does it impact the business? I could see the amount classified as promotion or advertising versus "donation"

The biggest issue with this new tax bill is compliance. It is a drastic change fundamentally in many areas, as such rules, guidance and regulations need to be written. That may take years. Secondly, enforcement doesn't exist since the IRS has been downsized. In no ways to advocate incorrect tax positions, but in most cases an alternative exists if you structure properly as a business.

[imabison]

That's probably true for individuals, but it's not true for corporations. Does this change influence personal tax law and corporate tax law the same way?

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Contact your tax professional as Pat Simmers put it in the email.

[LikeMothers]

I guess I do not share the opinion that many people buy Bison Season tickets just for the Tax write off. I would like to think that people buy Bison tickets to go watch quality sports from a quality program.

The effective cost of the donation portion of the tickets will go up by a third. That'll make a difference for people who were on the fence about cost to begin with.

[Bison03]

I doubt a huge number of people will be giving up their season tickets just because their deduction will be less. Tax deductions from charitable donations is simply an added perk and not the main reason for donating. The main reason you give $1,000 to get tickets or give $1,000 to the United Way is because you want tickets and want to help the community, not just for the tax benefits.

[BisonHorns]

I guess I do not share the opinion that many people buy Bison Season tickets just for the Tax write off. I would like to think that people buy Bison tickets to go watch quality sports from a quality program.

They may be paying to watch sports but when teammakers add 1,000 to the seats and now you cant write it off. In a perfect world, everyone loves paying the fees. In reality people consider other places they can put that money.

[HerdBot]

I don't think the impact will make much of a difference. Gotta remember most people donate because they have to get tickets. When you pay less in taxes, you have more cash in your pocket

[unbison]

I don't think the impact will make much of a difference. Gotta remember most people donate because they have to get tickets. When you pay less in taxes, you have more cash in your pocket
How much difference remains to be seen... it will make a difference there is no way it doesn’t . To the people that give 500 or a thousand it may not even be worth writing off anyway... for the people giving 5k or 10k or even more... this may become a huge issue... so to say it will make no difference is absolutely ignorant

[southcliffbison]

How much difference remains to be seen... it will make a difference there is no way it doesn’t . To the people that give 500 or a thousand it may not even be worth writing off anyway... for the people giving 5k or 10k or even more... this may become a huge issue... so to say it will make no difference is absolutely ignorant

If you can afford to donate 5k, 10k, 20k, 30 k or whatever to TM, you're not to concerned about writeoffs, unless your first name is Ebenezer.

[imabison]

Did I hear correctly that ND residents can't prepay local taxes for the deduction, but Minnesota can. Cass County auditor said on WDAY last night that tax bill is Jan 1,2018
so it does not qualify. I know I can go and prepay my tax bill, but if its not going to count, why do it.

[PattyBison]

Did I hear correctly that ND residents can't prepay local taxes for the deduction, but Minnesota can. Cass County auditor said on WDAY last night that tax bill is Jan 1,2018
so it does not qualify. I know I can go and prepay my tax bill, but if its not going to count, why do it.

ND taxes are one year in arrears. So you pay your 2017 taxes in 2018. You can choose to pay your 2017 taxes by 12/31 but would not be able to prepay 2018 taxes because they won't be billed until December 2018.

[Grizzled]

If you can afford to donate 5k, 10k, 20k, 30 k or whatever to TM, you're not to concerned about writeoffs, unless your first name is Ebenezer.

Those are the exact people looking for write offs.

[imabison]

ND taxes are one year in arrears. So you pay your 2017 taxes in 2018. You can choose to pay your 2017 taxes by 12/31 but would not be able to prepay 2018 taxes because they won't be billed until December 2018.

Ok that makes sense. Thanks. Now to do some quick figures. I doubt it will work in my case. but worth crunching numbers.

[GOB1SON]

If you can afford to donate 5k, 10k, 20k, 30 k or whatever to TM, you're not to concerned about writeoffs, unless your first name is Ebenezer.

Actually, if you can afford to donate 5k, 10k, 20k, 30k, or whatever to TM, it's probably because you manage your finances at a high level and are absolutely aware of the deduction that the donation affords you.

I talked to my accountant a lot this week. As a small business owner I will be able to maximize '17 deductions by prepaying for several expenses (including my Teammakers dues). The new tax law will then give me several offsets in 18 that will basically wash out the prepaid expenses and will even out my tax bill over the two years.

And my first name is Travis.

[unbison]

If you can afford to donate 5k, 10k, 20k, 30 k or whatever to TM, you're not to concerned about writeoffs, unless your first name is Ebenezer.

I’d say your dead wrong.. the reason you have that ability is because your always paying attention to these things

[MankatoBison]

This............

agreed. If the deduction was the primary reason to be a TM, they could simply donate to at their home church or school or whatever.

I would presume that people are TM's because they are incredibly passionate about NDSU and want season tickets with little to no impact of the deduction. could it effect some people's tax situation? It is a possibility to be sure, however I would be shocked if this has any significant impact on the quantity of donations or TM members. I would presume those who are TM's will want to donate to keep receiving tickets and perks regardless of the deduction. Plus if they are so wealthy, the bill allegedly helps them save the most tax, so they simply may not care
I could be way off but time will tell

[KNOW IT ALL]

Is the cost of buying a new recruit a nice car still an allowable deduction? I think Louisville's BBall program blew that for everyone. :facepalm:

[kab1one]

If you can afford to donate 5k, 10k, 20k, 30 k or whatever to TM, you're not to concerned about writeoffs, unless your first name is Ebenezer.

That is really a misnomer, the person that is donating $5k, 10k or 20k is very concerned about write offs and cash flow. They have a finite amount of resources in most cases and pick and choose where they contribute. If someone can give $10k to another organization in return for a tax benefit, that will be a giving consideration. That is why every good non profit that is raising money shows the done how to maximize the value of the gift to the respective organization. NDSU Development will show you how with a $5k gift to the endowment fund you get a $2k ND tax credit allow with the related other tax savings. That gift cost you $1,800 net, versus $5k of net cost to team makers in this example for game tickets. Organizations use this against each other to raise money.

[kab1one]

Did I hear correctly that ND residents can't prepay local taxes for the deduction, but Minnesota can. Cass County auditor said on WDAY last night that tax bill is Jan 1,2018
so it does not qualify. I know I can go and prepay my tax bill, but if its not going to count, why do it.

Does Clay county 1) allow you to pre pay taxes and 2) aren't the next taxes due in Minnesota due May 2018 for 2018, which to me would not be deductible. North Dakota, 2017 taxes are paid in March and October, but if you pay on December 29, 2017, you can deduct as they are 2017 taxes. I think the confusion with ND taxpayers and Clay county taxes, people are calling to pay 2018 taxes which aren't technically due March 2019. Those you can't pre pay.

[Mr Meaty]

Maybe TM needs to change their model and not tie a ticket to a donation and then it would be 100% deductible.

[LikeMothers]

Dont for get to pre pay local and state taxes and your property taxes in advance as well.

I figured out rough 2017 Minnesota income taxes yesterday and sent in an estimate of the extra I'd have paid in April. It was well worth the effort to do so.

[2011BisonAlumni]

Is this the year Lakes starts forking up money so we can go FBS?

[NDSU1980]

Is this the year Lakes starts forking up money so we can go FBS?

You forgot the purple. Not that it's really needed.

[El_Chapo]

Is this the year Lakes starts forking up money so we can go FBS?

they've gotten plenty of lakes $$$$ he's in front row at basketball and 7th row at football.

[Soup Can]

I prepaid both Cass County and Minnesota taxes today. It only matters what day the check is dated. I have been doing this with Cass County for over 10 years.

[Bison"FANatic"]

I will have to see but I think I would benefit doing a every other rotation. One year itemize, one year standard. Load up my donations in the itemize year. I will have to see what I can do with SALT and what the rules are going forward.

[HerdBot]

How much difference remains to be seen... it will make a difference there is no way it doesn’t . To the people that give 500 or a thousand it may not even be worth writing off anyway... for the people giving 5k or 10k or even more... this may become a huge issue... so to say it will make no difference is absolutely ignorant


Those are the exact people looking for write offs.


I’d say your dead wrong.. the reason you have that ability is because your always paying attention to these things

It's hard to say. It played right it's possible to see more donations. People who can afford those kind of donations will be paying dramatically less in taxes. Corporate tax is down 14%. Small business will save 20% on pass through income and individual will be taxed at the lower rate. May amount to over 10 grand in pocket for every 100k. What I would be curious to see is if it effects the timing of donations. How will it change the behavior of random business vs local businesses

[NDSU1980]

It's only going to affect the people who previously itemized and I vaguely recall my tax gal saying I'd have to donate $12,500 to come out ahead by itemizing prior to this change. I don't see this having a huge impact on donations.

[LikeMothers]

We'll be playing tax games every year as always, just new ones. Meet the new boss, same as the old boss.

[thundarsdaddy]

I am no accountant nor a tax person, but one thing I know is that many if not most people who make 6 figures and up, end up using the alternative-minimum-tax route, and that limits charitable/medical deductions, but in the end you pay less federal income tax. Just a thought.

[56BISON73]

We'll be playing tax games every year as always, just new ones. Meet the new boss, same as the old boss.

And by next year there will work arounds and other options when things get recharacterized. Cant wait!!!!:biggrin:

[DakotaOkie]

I am no accountant nor a tax person, but one thing I know is that many if not most people who make 6 figures and up, end up using the alternative-minimum-tax route, and that limits charitable/medical deductions, but in the end you pay less federal income tax. Just a thought.

AMT never reduced anyone's taxes. It was a supplemental tax designed to increase tax liability that was otherwise lower due to deductions, credits, etc.

[kab1one]

I am no accountant nor a tax person, but one thing I know is that many if not most people who make 6 figures and up, end up using the alternative-minimum-tax route, and that limits charitable/medical deductions, but in the end you pay less federal income tax. Just a thought.

Charitable deductions do not impact alt min tax. Taxpayers run into alt min tax in higher income tax states (Minnesota) or higher real estate tax situations (Minneapolis). ND residences typically don't run into AMT. I start to see amt in Minnesota clients at the 200k range.

It also depends on income mix. Doctor makes $500k of wages, no AMT, investor has $300k of capital gains, might be in AMT.

[Hammerhead]

I don't feel like starting a new topic so I'll just put this question in here.

Isn't there a website where you can order Team Makers shirts and jackets? I'm thinking about buying a new winter jacket and haven't seen much I like at the bookstore or Scheels.

[StL Bison Fan]

I don't feel like starting a new topic so I'll just put this question in here.

Isn't there a website where you can order Team Makers shirts and jackets? I'm thinking about buying a new winter jacket and haven't seen much I like at the bookstore or Scheels.

This is what I was told when I asked.
Buy whatever you like and have scheels embroider it. I was not happy about this at first but they do great work and are not that expensive.
I have had two duffles, shirts, and a vest done there.
Next up are mittens. And you do not have to buy it there.

[BisonHorns]

I might have been wrong about there being seats available next year. I am already pumped for the rings presentation and the banner raising!

[mtoutfitter]

Got a phone call from Pat Simmers today and I'm now officially a Teamaker....WOO HOO! Thanks Bisonville, if not for reading this forum I wouldn't have known about the organization.....Me tipping my hat to you!

[HerdBot]

Got a phone call from Pat Simmers today and I'm now officially a Teamaker....WOO HOO! Thanks Bisonville, if not for reading this forum I wouldn't have known about the organization.....Me tipping my hat to you!

Awesome man! Money is the best way for fans like us to keep this train rolling and take the program to the next level.