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shugnshay
11-17-2007, 06:21 PM
When I mumbled, "There's a thought," to myself this afternoon, my nine year old responded with, "Did it hurt?" Love that Cajun wit!

Do you guys think the IRS would consider Studebaker hobbyists "non-profit" organizations? I mean, we're taking in orphans, paying out of pocket to help them get back on their feet and ready for the world. I think we should qualify as charities. How bout ya'll?

Shay

Expert Daddy's Girl
Louisiana
1950 Commander

DEEPNHOCK
11-17-2007, 06:30 PM
Consult with your CPA.
Your CPA will also tell you that comedy is a tough business, and is not deductible... Like Studebaker thrashing.
Jeff[8D]




quote:Originally posted by shugnshay

When I mumbled, "There's a thought," to myself this afternoon, my nine year old responded with, "Did it hurt?" Love that Cajun wit!

Do you guys think the IRS would consider Studebaker hobbyists "non-profit" organizations? I mean, we're taking in orphans, paying out of pocket to help them get back on their feet and ready for the world. I think we should qualify as charities. How bout ya'll?

Shay

Expert Daddy's Girl
Louisiana
1950 Commander

DEEPNHOCK
11-17-2007, 06:30 PM
Consult with your CPA.
Your CPA will also tell you that comedy is a tough business, and is not deductible... Like Studebaker thrashing.
Jeff[8D]




quote:Originally posted by shugnshay

When I mumbled, "There's a thought," to myself this afternoon, my nine year old responded with, "Did it hurt?" Love that Cajun wit!

Do you guys think the IRS would consider Studebaker hobbyists "non-profit" organizations? I mean, we're taking in orphans, paying out of pocket to help them get back on their feet and ready for the world. I think we should qualify as charities. How bout ya'll?

Shay

Expert Daddy's Girl
Louisiana
1950 Commander

StudeRich
11-17-2007, 06:30 PM
I guess if you start a Museum (car collection) and you register it as a non-profit organization and start a "Foundation" and register that with the IRS you could then accept donations tax free to the giver, but you would have to check with an accountant (CPA), as to how that could help you and what the "Requirements" are. I am sure there would be a thousand "Hoops" to jump through! :(

StudeRich
Studebakers Northwest
Ferndale, WA

StudeRich
11-17-2007, 06:30 PM
I guess if you start a Museum (car collection) and you register it as a non-profit organization and start a "Foundation" and register that with the IRS you could then accept donations tax free to the giver, but you would have to check with an accountant (CPA), as to how that could help you and what the "Requirements" are. I am sure there would be a thousand "Hoops" to jump through! :(

StudeRich
Studebakers Northwest
Ferndale, WA

studegary
11-18-2007, 11:16 AM
It is easy to be "non-profit." Getting to be a tax exempt and tax deductible organization is much more difficult. It took the Studebaker Foundation years to get properly set up with the effort of lawyers.

Gary L.
Wappinger, NY

SDC member since 1968
Studebaker enthusiast much longer

studegary
11-18-2007, 11:16 AM
It is easy to be "non-profit." Getting to be a tax exempt and tax deductible organization is much more difficult. It took the Studebaker Foundation years to get properly set up with the effort of lawyers.

Gary L.
Wappinger, NY

SDC member since 1968
Studebaker enthusiast much longer

arkiejazz
11-18-2007, 12:53 PM
[i][[:o)]Word to the wise: don't even thing about it. Those guys have zero sense of humor.[:o)]/i]

arkiejazz
11-18-2007, 12:53 PM
[i][[:o)]Word to the wise: don't even thing about it. Those guys have zero sense of humor.[:o)]/i]

Studedude1961
11-18-2007, 04:53 PM
How about The Reverend Shay of the Church of Studebaker Automotive? You'd save on federal taxes and your property (house), as a place of worship, would be taken off the local property tax rolls.

Most probably the above would be a "Gee I shouldn't have done that" ponderable in federal prison after being convicted of tax evasion, but it is an idea!

Studedude1961
--1963 Cruiser

Studedude1961
11-18-2007, 04:53 PM
How about The Reverend Shay of the Church of Studebaker Automotive? You'd save on federal taxes and your property (house), as a place of worship, would be taken off the local property tax rolls.

Most probably the above would be a "Gee I shouldn't have done that" ponderable in federal prison after being convicted of tax evasion, but it is an idea!

Studedude1961
--1963 Cruiser

Mark57
11-18-2007, 07:55 PM
Hallelujah! [:0][}:)]

<h5>Mark
'57 Transtar
3E-6/7-122 </h5>
http://i186.photobucket.com/albums/x153/MarkH57/Mr.GreenJeans1002b.jpg

Mark57
11-18-2007, 07:55 PM
Hallelujah! [:0][}:)]

<h5>Mark
'57 Transtar
3E-6/7-122 </h5>
http://i186.photobucket.com/albums/x153/MarkH57/Mr.GreenJeans1002b.jpg

shugnshay
11-20-2007, 02:51 PM
Yeah, my dad didn't buy it either.. if we only lived in Perfect, right?


Shay

Expert Daddy's Girl
Louisiana
1950 Commander

shugnshay
11-20-2007, 02:51 PM
Yeah, my dad didn't buy it either.. if we only lived in Perfect, right?


Shay

Expert Daddy's Girl
Louisiana
1950 Commander

bentlee
11-20-2007, 08:28 PM
Being non-profit is pretty much what we all end up as after several years of our "hobby".

Getting approved as a legal non-profit sounds like even more work than the cars! :(

Brent Lee
61 Hawk
50 2R5 Modified

bentlee
11-20-2007, 08:28 PM
Being non-profit is pretty much what we all end up as after several years of our "hobby".

Getting approved as a legal non-profit sounds like even more work than the cars! :(

Brent Lee
61 Hawk
50 2R5 Modified