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SlowStad
05-29-2009, 05:51 PM
I've got a couple of people that are interested in helping me out with sponsorship. The big question: What's in it for them?

1. Advertising for sure
2. Tax breaks ect????

Anyone know where I can find information on what sort of benefits a sponsor can get for throwing their money at me??

Thanks!
tophyr
05-29-2009, 06:36 PM
Advertising is pretty much it. They're not entitled to tax breaks unless you're a registered charity. If their business operates at a loss then they can claim the sponsorship dollars as losses on their tax form, but that's about it.
piper907
05-29-2009, 09:31 PM
correct me if I am wrong... but any sponsorship money could be written off by the sponsoring buisness as an advertisement cost.
SlowStad
05-29-2009, 11:51 PM
That's the line of thought I was following. If we have any accountant types about plz PM me :D
TaurusRacing
05-30-2009, 07:56 AM
That's the line of thought I was following. If we have any accountant types about plz PM me :D

I am not an accountant type...but yes, businesses can write this off under advertising. It is more of a budget thing than a tax deduction.
Will
05-30-2009, 08:22 AM
correct me if I am wrong... but any sponsorship money could be written off by the sponsoring buisness as an advertisement cost.

I sure hope so. As a newly self-employed person, the thought of deducting a bit of the cost of racing sure sounds good. I'll probably get audited for saying this in public...
SlowStad
05-30-2009, 06:12 PM
Thanks guys research ongoing. I'll post what I find out in hopes of helping others.
SlowStad
05-31-2009, 09:31 PM
Alright I see a lot of you guys have sponsors. Do you claim the money they contribute? i.e. if you're provided a discount on parts, gear et al do you claim the discount?

What if the item was given to you completely by a particular sponsor?
tophyr
05-31-2009, 11:33 PM
Nope. Never really thought about it.
Halpin Customs
06-01-2009, 10:46 AM
correct me if I am wrong... but any sponsorship money could be written off by the sponsoring buisness as an advertisement cost.


That's how I do it.
Halpin Customs
06-01-2009, 10:52 AM
What if the item was given to you completely by a particular sponsor?

Your sponsor can still write off the part or item related to advertising.