Tax Deductible RNA charitable travel

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Tax Deductible RNA charitable travel

Unread postby Red Bearded Goat » Thu Mar 28, 2013 12:02 am

We're all aware that donations to ACP in 2012 and Camp Sunshine this year will help lower our taxable income if your doing the itemized deductions long form. Thus donating Is a good feeling one gets to feel twice. But, until I sat down with my accountant last weekend I didn't know that participating in RNA charitable events also provided a tax benefit that gave me another SEG.

Basically, each charity Tony and Scott have selected are 502(c) non-profit charitable organizations. Thus by the current tax code, participation in an event that generates charitable funding to a 502(c) non-profit which involves use of a vehicle permits the miles associated with the charitable event to be tax deductible. Since each team generats donations predicated on our participation in the rally, which is held for the charity, our miles driven round trip apply.

So, in addition to each teams direct donation, every car owner participating in the rally can also deduct either the mileage (at a low 14 cents per) driven OR actual auto operation (fuel, tolls, etc) expenses as a charitable deduction associated with running in the rally. Fortunately I retained most of my Rally Dixie fuel receipts which totalled $468....ka-ching! Using the route cards and google... along with the run to Indy and home from FWB, I totalled a documentable 2745.1 miles. If I didn't have the fuel receipts I would have used the lower $384 deductible amount that was based on the miles driven.

Unfortunately, meals and hotels aren't deductible because of the rather large level of pleasure also associated with driving in the rally. Which is clearly defined in the charitable tax schedule where the mileage deduction is located.
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Re: Tax Deductible RNA charitable travel

Unread postby SANDU002 » Thu Mar 28, 2013 8:42 am

Pulling out my credit card statement today.
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Re: Tax Deductible RNA charitable travel

Unread postby BTR-75 » Mon Apr 01, 2013 3:29 pm

Thanks for that nugget of info, I was on the fence as to whether or not I thought it could be deducted but you've cleared it up by talking with a professional.

I assume the deduction is for only mileage while on the rally, not getting to the start point and home from the finish?

**EDIT** Upon closer inspection I see you actually answered my question in what you wrote. Reading comprehension fail on my part.
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Re: Tax Deductible RNA charitable travel

Unread postby RacerTCI » Mon Apr 01, 2013 11:13 pm

Just to clarify things RNA is not a NON-Profit, We make nothing but it costs $$ to register as a 503C and we have not taken that step yet. That is why we have you set up direct donation page with a charity each year so that we are not in the middle.

The money you send to Scott goes to track rentals, event insurance, Vinyl, shipping vinyl, and TJ's video production.

Additionally we are not accountants so please check with a CPA or a Tax consultant to insure you are getting the right information for you.
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Re: Tax Deductible RNA charitable travel

Unread postby Seagreen » Tue May 14, 2013 7:52 am

Those that are self-employed should really look into this further.

I'm going to discuss this with my accountant, at our next meeting. I'll post up any good info for Canadian tax filers.
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