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  • Tax break?

    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

  • #2
    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
    HTIH (Hope The Info Helps)

    Jeff


    Get your facts first, and then you can distort them as much as you please. Mark Twain



    Note: SDC# 070190 (and earlier...)

    Comment


    • #3
      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
      HTIH (Hope The Info Helps)

      Jeff


      Get your facts first, and then you can distort them as much as you please. Mark Twain



      Note: SDC# 070190 (and earlier...)

      Comment


      • #4
        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
        Second Generation Stude Driver,
        Proud '54 Starliner Owner

        Comment


        • #5
          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
          Second Generation Stude Driver,
          Proud '54 Starliner Owner

          Comment


          • #6
            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
            Gary L.
            Wappinger, NY

            SDC member since 1968
            Studebaker enthusiast much longer

            Comment


            • #7
              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
              Gary L.
              Wappinger, NY

              SDC member since 1968
              Studebaker enthusiast much longer

              Comment


              • #8
                [i][[)]Word to the wise: don't even thing about it. Those guys have zero sense of humor.[)]/i]
                steve blake...roaming the Texas Panhandle in my trusty Champ pickup
                http://tinyurl.com/kr3gt

                Comment


                • #9
                  [i][[)]Word to the wise: don't even thing about it. Those guys have zero sense of humor.[)]/i]
                  steve blake...roaming the Texas Panhandle in my trusty Champ pickup
                  http://tinyurl.com/kr3gt

                  Comment


                  • #10
                    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

                    Comment


                    • #11
                      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

                      Comment


                      • #12
                        Hallelujah! [:0][}]

                        <h5>Mark
                        '57 Transtar
                        3E-6/7-122
                        </h5>

                        Mark Hayden
                        '66 Commander
                        Zone Coordinator
                        Pacific Can-Am Zone

                        Comment


                        • #13
                          Hallelujah! [:0][}]

                          <h5>Mark
                          '57 Transtar
                          3E-6/7-122
                          </h5>

                          Mark Hayden
                          '66 Commander
                          Zone Coordinator
                          Pacific Can-Am Zone

                          Comment


                          • #14
                            Yeah, my dad didn't buy it either.. if we only lived in Perfect, right?


                            Shay

                            Expert Daddy's Girl
                            Louisiana
                            1950 Commander

                            Comment


                            • #15
                              Yeah, my dad didn't buy it either.. if we only lived in Perfect, right?


                              Shay

                              Expert Daddy's Girl
                              Louisiana
                              1950 Commander

                              Comment

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