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TAM4 and tax deductions

Yes, that's what I do, too. It's critical to my business that I study critical thinking. And have a beer with Scrut.

~~ Paul
 
When Pool boy came he would have to schedule work so he could write off part of the trip. He could never attend the meetings as he would be working, or flying to California for the day. This year we are on our own, so the girls and I are going to have to come up with something new. I think attending the Chippendales and getting a tattoo of Mr.Randi on my butt qualifies as "teacher education".
 
Deductions

KingMerv00 said:
Any smart people here know what TAM expenses I can deduct?
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First I make no legal claims whatsoever in this reply, but methinks that the registration may be tax deductible in the US. I base this upon the following statement on the donation page, "[FONT=arial, helvetica]All payments are tax deductible (in the USA) since the JREF is a 501(c)3 corporation." Also, the printable registration form states that the payment should be made to the James Randi Educational Foundation. Therefore, I surmise that the registration fee(s) may be tax deductible. I recommend consulting a tax advisor. Hope this helps.[/FONT][FONT=arial, helvetica][/FONT]
 
xenxabar said:
First I make no legal claims whatsoever in this reply, but methinks that the registration may be tax deductible in the US. I base this upon the following statement on the donation page, "[FONT=arial, helvetica]All payments are tax deductible (in the USA) since the JREF is a 501(c)3 corporation." Also, the printable registration form states that the payment should be made to the James Randi Educational Foundation. Therefore, I surmise that the registration fee(s) may be tax deductible. I recommend consulting a tax advisor. Hope this helps.[/FONT]
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I'm not a CPA, but I play one on TV. This is probably not true. Because if you try to deduct the conference fee, you have to subtract the "value" of any goods received.

For example: I have a membership to the St. Louis Art Museum at an annual cost of $250. As part of my "thank you" for contributing, I get a $25 (IIRC) gift certificate to use in the bookstore. So they make it quite clear that if I wish to deduct my donation, I have to subtract the $25, so I am only able to deduct $225. And actually, I think it is slightly less than that, because the monthly magazine is worth something - maybe another $25. But when I make out my taxes, I deduct the full $250. I figure that if I ever get audited, I can claim ignorance, and maybe they'll let it go.
 
I did a little more research, and CS is correct. The "value" would have to be subtracted. That's easy for a JREF membership since all the promotional gifts are listed in the store with their respective prices. I found an IRS document that basically states that if goods and/or services are received or expect to be received from the event then part or none of the contribution may be deductible. Since there are so many expenses involved in a conference such as TAM4, I doubt that any of it would be considered deductible.

Fund-raising events. If the donor receives something of value in return for the contribution, a common occurrence with fund-raising efforts, part or all of the contribution may not be deductible. This may apply to fund-raising activities such as charity balls, bazaars, banquets, auctions, concerts, athletic events, and solicitations for membership or contributions when merchandise or benefits are given in return for payment of a specified minimum contribution. If the donor receives or expects to receive goods or services in return for a contribution to your organization, the donor cannot deduct any part of the contribution unless the donor intends to, and does, make a payment greater than the fair market value of the goods or services. If a deduction is allowed, the donor can deduct only the part of the contribution, if any, that is more than the fair market value of the goods or services received. You should determine in advance the fair market value of any goods or services to be given to contributors and tell them, when you publicize the fund-raising event or solicit their contributions, how much is deductible and how much is for the goods or services. See Disclosure of Quid Pro Quo Contributions in chapter 2.
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Here's a link to the actual page
http://www.irs.gov/publications/p557/ch03.html


Perhaps if all the expenses for TAM4 i.e. speakers, conference center, etc. were donated, then maybe a large portion of the registration fee would be deductible. That's just my 2 cents.
 
xenxabar said:
Perhaps if all the expenses for TAM4 i.e. speakers, conference center, etc. were donated, then maybe a large portion of the registration fee would be deductible. That's just my 2 cents.
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I suspect a lot of the speakers are free. However, even if everything was free to the JREF, that still doesn't apply to you. The question is, are you receiving anything of value in exchange for your conference fee? If yes, (and I believe that is the answer), then you can't deduct it.

You can deduct donations to the JREF, because you receive nothing of value from it. For example, if I send $100 to the JREF right now, it is deductable, because I receive nothing in return.
 
The Central Scrutinizer said:
I suspect a lot of the speakers are free. However, even if everything was free to the JREF, that still doesn't apply to you. The question is, are you receiving anything of value in exchange for your conference fee? If yes, (and I believe that is the answer), then you can't deduct it.
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Right again. :) I just spotted the "catch" in the following:
If the donor receives or expects to receive goods or services in return for a contribution to your organization, the donor cannot deduct any part of the contribution unless the donor intends to, and does, make a payment greater than the fair market value of the goods or services.
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The price of a conference would be considered the fair market value for the goods or services, since people are will to pay the price. If there was some option to pay more than the advertised price of the conferences eg. $700 instead of $425 or $475 (depending upon when you registered), then methinks you may be able to deduct the difference. However, that is not the case for TAM4 (that I'm aware of).

In short, the answer is no, the registration fee is not deductible. Again I'm not a CPA and make no legal claims, and I appologize for any confusion I may have caused, especially with my first post.

Okay, I'm done with any more tax code deciphering until I get my W2 and tax software in 2006. :D
 
I asked Linda this question earlier this year, because I also signed up myself and Mrs. TJ for the Dinner. Linda wrote this back to me: (edited for relevance)

And the value of the dinner itself is $75, so anything over that amount is tax-deductible. No part of the registration for the conference itself is deductible. And you take your deduction in the year that you make it; not next year.

Hope this helps.
 
I have a question about tax deductions. I won a slot on Teller's tour, and so far, I've paid the most expensive price for it (over 4 grand!). Since I can't take back the fact that I should have waited to bid for a later slot (the cheapest slot has only went for $1600 or so...aagh!), I'd like to take a tax deduction. However, my taking a tax deduction this year won't do any good, since I just started to work a couple of weeks ago. Is there a way for me to take the deduction next year, since the tour does in fact take place next year?

Sherry
 
unlvcrjchick said:
I have a question about tax deductions. I won a slot on Teller's tour, and so far, I've paid the most expensive price for it (over 4 grand!). Since I can't take back the fact that I should have waited to bid for a later slot (the cheapest slot has only went for $1600 or so...aagh!), I'd like to take a tax deduction. However, my taking a tax deduction this year won't do any good, since I just started to work a couple of weeks ago. Is there a way for me to take the deduction next year, since the tour does in fact take place next year?

Sherry
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I'm not an accountant, but I play one on TV.

I'm not sure if it is when the check was written, or when the "services" were rendered. I would suspect the former.

If it was me, I would take it next year. Odds are, even if you are wrong, you'll never be audited.
 
unlvcrjchick said:
I have a question about tax deductions. I won a slot on Teller's tour, and so far, I've paid the most expensive price for it (over 4 grand!). Since I can't take back the fact that I should have waited to bid for a later slot (the cheapest slot has only went for $1600 or so...aagh!), I'd like to take a tax deduction. However, my taking a tax deduction this year won't do any good, since I just started to work a couple of weeks ago. Is there a way for me to take the deduction next year, since the tour does in fact take place next year?

Sherry
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I... uh... jeez. $4000 in expendable income? Gagh! Well, uh... That is to say... er... marry me?
 
LOL, trust me, you wouldn't want to marry me. And that disposable income was a one-time thing because it was due to an inheritance...an unexpected inheritance (I thought the woman forgot about me!) But sigh, the money is gone because it all went to JREF...
 
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