That damn ID doesn't miss anything does he?
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| "CRTHELPS" Tax Deductable? https://forum.costaricaticas.com/viewtopic.php?f=1&t=22265 |
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| Author: | Irish Drifter [ Sun Mar 09, 2008 3:31 pm ] |
| Post subject: | "CRTHELPS" Tax Deductable? |
PacoLoco wrote: Need a tax write-off? > http://home.nyc.rr.com/crthelps/
Perhaps one of our tax professionals could weigh in here but it is my understanding that in order to receive a tax write off on your U.S. taxes the charity must be registered with the IRS. I doubt crthelps has submitted any documentation to get that status and therefore any donation is not tax deductable. |
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| Author: | El Silencioso [ Sun Mar 09, 2008 3:40 pm ] |
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This tax deductibility issue was discussed on an earlier thread... As a tax professional I would advise that this is not a tax deductible charity. Although this will not stop me from donating and doing anything I can to help support this fine effort started by Santas Bro and continuing to draw support from the CRT brethren. For this to be a deductible event, many hoops would have to be jumped through as well as opening a window for the US tax department to see and be subject to. (Not a worthwhile venture in my opinion for maybe a $100.00 donation at a maximum of 25-28% tax savings, most likely less, other than our highest income members.) |
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| Author: | PacoLoco [ Sun Mar 09, 2008 3:43 pm ] |
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That damn ID doesn't miss anything does he?
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| Author: | Taxman [ Sun Mar 09, 2008 3:46 pm ] |
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I am a CPA in the middle of my busy season, you are correct, to take a chartiable deduction on your US return the charity must be a US charity with certain exceptions. I would say making a small donation for this is a right thing to do regardless of the tax deduction. |
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| Author: | Irish Drifter [ Sun Mar 09, 2008 4:24 pm ] |
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El Silencioso wrote: As a tax professional I would advise that this is not a tax deductible charity. Although this will not stop me from donating and doing anything I can to help support this fine effort started by Santas Bro and continuing to draw support from the CRT brethren. I do not think the question of whether a donation is tax deductible or not is going to be a determining factor in any CRT members decision to make a donation. My question was to clarify the issue so that someone did not mistakenly believe they were going to get a deduction. Obviously some people make donations based on their tax situation but I do not think that would apply to crthelps. Most of the guys I know on this board donate because they want to help less privileged K*ds not because they save a few dollars in taxes. |
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| Author: | El Silencioso [ Sun Mar 09, 2008 4:30 pm ] |
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ID Definitely agree, I dont think saving a few tax dollars will effect anyones decision to donate. I did not mean to imply anything negative in your post, I was just trying to calrify for any who had a question. |
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| Author: | Haywood Jablommi [ Sun Mar 09, 2008 4:43 pm ] |
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I wish hookers were tax deductible. |
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| Author: | Irish Drifter [ Sun Mar 09, 2008 5:23 pm ] |
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Haywood Jablommi wrote: I wish hookers were tax deductible.
Like so many things in life, if you sufficient assets, well paid legal and financial advisor's they probably are.  I am sure there are very creative methods to write off "entertainment expenses"
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| Author: | Rio4Me4Ever [ Mon Mar 10, 2008 6:23 am ] |
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I help support single mothers in 3 countries. I wish that were tax deductable. Mag |
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| Author: | Mucho Gusto [ Mon Mar 10, 2008 1:55 pm ] |
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Irish Drifter wrote: Haywood Jablommi wrote: I wish hookers were tax deductible. Like so many things in life, if you sufficient assets, well paid legal and financial advisor's they probably are. I am sure there are very creative methods to write off "entertainment expenses" :lol: 
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| Author: | Orange [ Mon Mar 10, 2008 2:11 pm ] |
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Irish Drifter wrote: Like so many things in life, if you sufficient assets, well paid legal and financial advisor's they probably are.
I am sure there are very creative methods to write off "entertainment expenses" I know a little about income taxes. It's actually not that difficult. I think all you need is to have a corporation/business in CR When you report income from your corporation on your US tax return, you could then claim business expenses, which can include "entertainment" of clients (and yourself). I'm not sure if you can do it if you don't claim income or claim a loss. There are probably other ways to do it. |
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| Author: | El Silencioso [ Mon Mar 10, 2008 2:22 pm ] |
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Orange wrote: There are probably other ways to do it.
Yeah, the easiest way is to have a few tax clients living full time in CR...  Great way to take a few deductions on your travel and entertainment expenses.. 
There are other legitimate ways as well, I don't feel comfortable discussing on an open forum, but would certainly discuss offline. |
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| Author: | Mucho Gusto [ Mon Mar 10, 2008 2:28 pm ] |
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El Silencioso wrote: Orange wrote: There are probably other ways to do it. Yeah, the easiest way is to have a few tax clients living full time in CR... Great way to take a few deductions on your travel and entertainment expenses.. There are other legitimate ways as well, I don't feel comfortable discussing on an open forum, but would certainly discuss offline. Like the old cliche' goes.... "There's more than one way to skin a cat" ! |
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| Author: | Irish Drifter [ Mon Mar 10, 2008 2:42 pm ] |
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Orange, El Silencioso, Mucho Gusto, et al, While you are most likely correct in regards to trips to Costa Rica being written off I took the original question to imply hookers in general not just Costa Rica. My post was more about "Captains of Industry" writing off this kind of entertainment
http://www.thesmokinggun.com/archive/ye ... nk=rssfeed |
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| Author: | Crookedcr [ Mon Mar 10, 2008 3:17 pm ] |
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This is pretty funny to me, as i just dropped off a pile of receipts to my accountant...hoping to expense some of my trip costs and purchase of a business entity in CR to my business back home. This nice guy -about 65 and seemingly as straight-laced as the come, will see the names "scarlett's, Zona Blue, Hotel Del Rey, etc" on the slips. I have not told him about the opportunities in CR, but a little research on his part would tell the story...I mean, come on, "Zona Blue" on a reciept drops some pretty good clues. Oh well, he says all my documented costs are tax-deductible. This might present a good arguement for staying at HZB. I can get my $200/night put against my adjusted gross income, which will give me a tax break to the tune of about $60 for every night I spent at HZB... So to spend $140/night net and then get the girls for $20/hour - that's not a bad deal. If I could only get receipts from the chicas..... |
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