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re: Old Recruiting Thread: RIP insiders
Posted on 8/11/23 at 1:32 pm to ALhunter
Posted on 8/11/23 at 1:32 pm to ALhunter
quote:Your definition of "deductible" is not accurate. Can ad expense offset income? yes. On a business return.
Advertising expenses are deductible.
Its it tax deductible on schedule A, no. (not including non reimbursed expenses)
This post was edited on 8/11/23 at 1:33 pm
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Posted on 8/11/23 at 1:55 pm to ChexMix
quote:
Your definition of "deductible" is not accurate.
Your definition of deductible is not accurate. Does not have to be schedule A to be a tax deduction.
I’m not really familiar with how they’ve structured those things but even if they come up with an argument. They’re going to have to go to court to get those. No way the IRS is going to let them have it. Probably going to attack the business purpose.
Posted on 8/11/23 at 2:19 pm to AUFan2015
Wow. That's gotta be solid news right? ?? lol
Posted on 8/11/23 at 2:30 pm to Johnnycrane
quote:
Wow. That's gotta be solid news right? ?? lol
Very good news for us IMO
Posted on 8/11/23 at 2:30 pm to ALhunter
Id think thats great news on Franklin, boys dont wake me up til the season starts this is some nice dream.
This post was edited on 8/11/23 at 2:34 pm
Posted on 8/11/23 at 2:36 pm to trinidadtiger
Doesnt Lindsey announce today?
Posted on 8/11/23 at 2:38 pm to trinidadtiger
quote:
Doesnt Lindsey announce today?
Tomorrow IIRC
Posted on 8/11/23 at 3:14 pm to trinidadtiger
Tomorrow 3 eastern. Auburn should add a commit every weekend for the next 3 weeks.
Posted on 8/11/23 at 3:20 pm to ChexMix
quote:You'd get a K-1 or equivalent for ordinary business income. The hobby loss rules would be the hurdle I'd think, unless the thing actually made some kind of attempt to turn a profit.
Your definition of "deductible" is not accurate. Can ad expense offset income? yes. On a business return.
Its it tax deductible on schedule A, no. (not including non reimbursed expenses)
For example, if the NIL fund actually held exclusive NIL right for the players it funded and was actively trying to make money on deals with car dealerships, Milo's tea, etc.
Posted on 8/11/23 at 3:25 pm to jangalang
quote:
Brannigan isnt a Garner fan
Understatement of the year
Posted on 8/11/23 at 3:29 pm to Weagle25
quote:The only other idea I can come up with is to structure the entire thing as "gift matching"... i.e. each "donor" is actually giving a gift to the player, which has a $13k or $15k limit I believe? But that's per gift. Would be an interesting way to structure it because then it wouldn't be taxable on donor or receiver side so the "gifts" would stretch further...
Your definition of deductible is not accurate. Does not have to be schedule A to be a tax deduction.
I’m not really familiar with how they’ve structured those things but even if they come up with an argument. They’re going to have to go to court to get those. No way the IRS is going to let them have it. Probably going to attack the business purpose
Taxes just get me worked up
Sorry to sidetrack in the recruiting thread. Our recruiting is going great though!
This post was edited on 8/11/23 at 3:31 pm
Posted on 8/11/23 at 3:36 pm to smuphy72
quote:
Tomorrow 3 eastern. Auburn should add a commit every weekend for the next 3 weeks.
it moved
Posted on 8/11/23 at 4:03 pm to ALhunter
quote:I dont believe this to be the case at all.
You'd get a K-1 or equivalent for ordinary business income
Posted on 8/11/23 at 4:51 pm to ChexMix
quote:
You'd get a K-1 or equivalent for ordinary business income
I dont believe this to be the case at all.
Dont make me get AuburnCPA over here to straighten yalls asses up
Posted on 8/11/23 at 4:58 pm to LanierSpots
IMG had practice during Big Cat so Lindsey sent his parents. Thats like the ole story about contribution vs commitment and having breakfast
Posted on 8/11/23 at 5:24 pm to trinidadtiger
quote:
IMG had practice during Big Cat
I can always sneak over there and “watch” someone if need be. It’s only 2 miles from my shop.
Posted on 8/11/23 at 5:36 pm to LanierSpots
quote:Feel free. I like be proven correct
Dont make me get AuburnCPA over here to straighten yalls asses up
Posted on 8/11/23 at 5:53 pm to ChexMix
quote:I'd like that too and am genuinely curious. I like to be proven incorrect! It's how you learn!
Feel free. I like be proven correct
Particularly on something like this where I know just enough to be dangerous.
Posted on 8/11/23 at 6:53 pm to AUFan2015
Nice to see us in the hunt for some recruits and flipping a few for a change
This post was edited on 8/11/23 at 6:54 pm
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