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Team Maker Dues and contributions
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.
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Re: Team Maker Dues and contributions
Quote:
Originally Posted by
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.
going to hurt groups like TM, some will no longer see any benefit
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Re: Team Maker Dues and contributions
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Originally Posted by
tjbison
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.
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Re: Team Maker Dues and contributions
Quote:
Originally Posted by
kab1one
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
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Re: Team Maker Dues and contributions
Quote:
Originally Posted by
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.
Dont for get to pre pay local and state taxes and your property taxes in advance as well.
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Re: Team Maker Dues and contributions
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Originally Posted by
MAKBison
i dont think the lions share of folks are giving for the write off...it is just a perk
This............
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Re: Team Maker Dues and contributions
Quote:
Originally Posted by
MAKBison
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.
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Re: Team Maker Dues and contributions
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Originally Posted by
56BISON73
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.
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Re: Team Maker Dues and contributions
With the standard deduction for married couples goes up to $24K, we will be a long way from needing to itemize deductions.
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Re: Team Maker Dues and contributions
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Originally Posted by
Hammerhead
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.
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Re: Team Maker Dues and contributions
Quote:
Originally Posted by
kab1one
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........
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Re: Team Maker Dues and contributions
Quote:
Originally Posted by
Hammerhead
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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Re: Team Maker Dues and contributions
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.
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Re: Team Maker Dues and contributions
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Originally Posted by
56BISON73
Dont for get to pre pay local and state taxes and your property taxes in advance as well.
https://www.washingtonpost.com/local...0a3_story.html
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Re: Team Maker Dues and contributions
Paid my 2018 Teammaker dues for both Mens BBall and Football yesterday in advance to take advantage of itemization one last time.
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Re: Team Maker Dues and contributions
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.
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Re: Team Maker Dues and contributions
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.
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Re: Team Maker Dues and contributions
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Originally Posted by
Wally
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.
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Re: Team Maker Dues and contributions
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.
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Re: Team Maker Dues and contributions
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Originally Posted by
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.
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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Re: Team Maker Dues and contributions
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.
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Re: Team Maker Dues and contributions
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?
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Re: Team Maker Dues and contributions
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Originally Posted by
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.
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.
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Re: Team Maker Dues and contributions
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Originally Posted by
imabison
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.
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Re: Team Maker Dues and contributions
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Originally Posted by
imabison
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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Re: Team Maker Dues and contributions
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Originally Posted by
Twentysix
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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excellent question , anyone know the answer?
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Re: Team Maker Dues and contributions
Quote:
Originally Posted by
Twentysix
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.
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Re: Team Maker Dues and contributions
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Originally Posted by
Twentysix
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.
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Re: Team Maker Dues and contributions
Quote:
Originally Posted by
imabison
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.
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Re: Team Maker Dues and contributions
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.
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Re: Team Maker Dues and contributions
Quote:
Originally Posted by
imabison
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.
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Re: Team Maker Dues and contributions
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
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Re: Team Maker Dues and contributions
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Originally Posted by
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
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
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Re: Team Maker Dues and contributions
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Originally Posted by
unbison
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.
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Re: Team Maker Dues and contributions
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.
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Re: Team Maker Dues and contributions
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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.
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.
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Re: Team Maker Dues and contributions
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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.
Those are the exact people looking for write offs.
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Re: Team Maker Dues and contributions
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Originally Posted by
PattyBison
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.
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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.
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.
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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.
I’d say your dead wrong.. the reason you have that ability is because your always paying attention to these things