Quote:
Originally Posted by thecatch83
If there are charitable donations made with portions of your registration fee, there could be tax breaks involved or write offs. Another bonus in my book..........count me in.
|
The likelihood of being able to take a charitable tax deduction is very low.
1. You are not making a charitable donation, the company is. And because a portion of the annual fee is getting donated does not entitle you to take a charitable tax deduction for your full annual fee to this program.
2. Usually foreign charities are not allowed to be deducted (it has been said that the funds will likely go to Nicaraguan kids).
3. Most important, the charity usually must be a legitimate 501(3)(c). I doubt this will be one.
4. To even take credit for a charitable tax donation, you have to file 1040 and itemize instead of the taking the standard deduction. If you take the standard deduction, then this is counter-productive.
