Re: Team Maker Dues and contributions
Quote:
Originally Posted by
56BISON73
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
Re: Team Maker Dues and contributions
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:
Re: Team Maker Dues and contributions
Quote:
Originally Posted by
southcliffbison
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.
Re: Team Maker Dues and contributions
Quote:
Originally Posted by
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.
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.
Re: Team Maker Dues and contributions
Maybe TM needs to change their model and not tie a ticket to a donation and then it would be 100% deductible.
Re: Team Maker Dues and contributions
Quote:
Originally Posted by
56BISON73
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.
Re: Team Maker Dues and contributions
Is this the year Lakes starts forking up money so we can go FBS?
Re: Team Maker Dues and contributions
Quote:
Originally Posted by
2011BisonAlumni
Is this the year Lakes starts forking up money so we can go FBS?
You forgot the purple. Not that it's really needed.
Re: Team Maker Dues and contributions
Quote:
Originally Posted by
2011BisonAlumni
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.
Re: Team Maker Dues and contributions
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.