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All-TigerNet [13255]
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Will the new tax bill impact donations to Clemson athletics?
Dec 25, 2017, 11:48 PM
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The new Tax Bill will eliminate the ability to write off up to 80% of donations to the College Athletic departments.
With this in mind, will this change your donation to the university in the future, if you make substantial donations already?
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Heisman Winner [111733]
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Re: Will the new tax bill impact donations to Clemson athletics?***
Dec 25, 2017, 11:51 PM
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All-In [38435]
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Re: Will the new tax bill impact donations to Clemson athletics?
Dec 25, 2017, 11:57 PM
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Scout Team [161]
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Re: Will the new tax bill impact donations to Clemson athletics?
Dec 25, 2017, 11:58 PM
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Unfortunately, it very well could. I'm paying mainly to maintain a decent parking location. I could give much less, keep my seats, and use the spare money to buy parking passes and tailgate supplies.
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Hall of Famer [24481]
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Not a tax expert, but it seems that the increase in the
Dec 26, 2017, 12:03 AM
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standard deduction will reduce the impact. I guess it depends on what percentage of total donations are major donations, vs the percentage that is in amounts that would stay under the new standard deduction. In any case, I would think all programs would be affected more or less equally.
I will be under the new standard deduction, so will not affect me. Or maybe I am misunderstanding the entire thing, not a first by any means.
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CU Medallion [57249]
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big donors probably itemize anyway so the standard deduction
Dec 26, 2017, 1:54 AM
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increase won't help.
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1st Rounder [603]
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Mascot [18]
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Re: Will the new tax bill impact donations to Clemson athletics?
Dec 26, 2017, 1:14 AM
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I’m assuming no more matching company donations either.(?). Would be interesting to know how much $$ this accounts for currently.
Regardless, with the current demand I doubt the effect is too high.
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110%er [5093]
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Re: Will the new tax bill impact donations to Clemson athletics?
Dec 26, 2017, 10:47 AM
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Yeah this is going to be the biggest change. I can’t imagine many companies will continue the match if it isn’t tax deductible.
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Recruit [89]
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Re: Will the new tax bill impact donations to Clemson athletics?
Dec 26, 2017, 1:29 AM
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Based on my understanding (and hopefully I am wrong), I will reduce my contribution to IPTAY since it won’t be deductible. Also my employers matching contribution will most likely be affected. Thanks Trump.
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Legend [17309]
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The loss of Matching donation from employers could.be big.***
Dec 26, 2017, 6:43 AM
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Orange Blooded [2212]
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Re: Will the new tax bill impact donations to Clemson athletics?
Dec 26, 2017, 6:50 AM
[ in reply to Re: Will the new tax bill impact donations to Clemson athletics? ] |
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So you are donating from a position of hating to pay taxes and not out of your love for Clemson? Now that you will have to pay less taxes, you will give less Clemson? Liberal logic.
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Orange Blooded [2455]
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Breaking news: taxes factor into finances***
Dec 26, 2017, 11:21 AM
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Scout Team [157]
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I think it will have some affect.
Dec 26, 2017, 7:13 AM
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This is just the start of changes to federal spending and taxes. You can’t keep adding trillions of dollars of debt like we have over the decades. We all are going to have to give up something in the future to get this under control. You can blame this on the Dems and GOP both, not Trump. He’s just trying to stop the bleeding.
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110%er [5093]
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Re: I think it will have some affect.
Dec 26, 2017, 10:44 AM
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How is he stopping the bleeding by adding an additional unnecessary trillion dollars to the deficit?
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CU Medallion [64593]
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As opposed to the $9 trillion Obama added snowflake !?!?!?!***
Dec 26, 2017, 12:05 PM
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110%er [5093]
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Re: As opposed to the $9 trillion Obama added snowflake !?!?!?!***
Dec 26, 2017, 12:36 PM
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Do you ever get tired of arguing like a middle schooler?
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CU Medallion [64593]
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I'll tell you what...
Dec 26, 2017, 12:53 PM
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I'll start being more hospitable when you start being more intelligent.
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All-TigerNet [13255]
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Re: As opposed to the $9 trillion Obama added snowflake !?!?!?!***
Dec 26, 2017, 4:03 PM
[ in reply to As opposed to the $9 trillion Obama added snowflake !?!?!?!*** ] |
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Going back and pointing the finger at Obama is NOT a forgivable excuse for the present.
Actually, ALL people should be upset with a 2 party system, that neither side can balance a budget sheet to save their life.
As long as they get bills passed that keep their fat-cat lobbyist happy, that's the only progress we'll continue to see.
When the American people rise and up and fight the injustice from both sides is when work will actually get done, FOR the people.....and not big business & special interest groups.
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Orange Blooded [4761]
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ADs nationwide expect this to have a major impact
Dec 26, 2017, 7:27 AM
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They're expecting to lose millions every year, and the first thing to go will be Olympic sports. Expect other nonprofits and charities to lose millions as well, especially at the end of the year when last-minute large donations are common.
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1st Rounder [603]
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Well, what I would do is set up a donor advised fund
Dec 26, 2017, 7:41 AM
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(which is a deductible charitable contribution) and tie that to my IPTAY account where I would get credit for the contributions made by my fund to obtain my preferential treatment for my seats. I would be paying the same thing each year, still get my seats and take the deduction.
But that is just me. I am sure other people will come up with other ways to follow the rules to the best of their abilities and pay their fair share of taxes.
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1st Rounder [603]
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The new tax bill
Dec 26, 2017, 7:31 AM
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Disallows contributions for athletic seating. There are ways to have contributions made into an organization that is not specific to seat allocation privilege, but obtain credit towards overall IPTAY contributions that garner preferential treatment when allocating season tickets and passes.
The standard deduction is not going to have any impact on any persons' decision regarding making a charitable deduction anywhere much less to an organization to garner preferential seating.
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110%er [8244]
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Re: The new tax bill
Dec 26, 2017, 8:01 AM
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I like giving what ever I feel I can afford The deduction has never been a factor With the extra 2% off of my taxable income will afford me more money to help support our Tigers If all who follow and support our Tigers just give 10% more of the amount the new tax law saves them in taxes. Deduction only helps the ones who itemize to start with
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MVP [509]
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Most IPTAY donors will be taking the $24,000
Dec 26, 2017, 9:24 AM
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standard deduction in 2018 which means no itemized deduction for charitable contributions. You can make your 2018 charitable contributions this week and get the full deduction on your 2017 tax return.
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All-TigerNet [10643]
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Re: Will the new tax bill impact donations to Clemson athletics?
Dec 26, 2017, 10:40 AM
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I know some folks whose Iptay donation and tickets are used strictly for business. One of them used to set up a huge tailgate out in front of Littlejohn, host the tailgate, have a handful of tickets in his shirt pocket, and after the game started he would pack up and go home. Why would not all of his be a business expense? You would need to document the people you gave the tickets and were at the tailgate!
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1st Rounder [603]
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That is an entirely different code section dealing with
Dec 26, 2017, 1:52 PM
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businesses which also got chopped up. So....entertainment expenses are no longer allowed for businesses, 100% deductible meals for the employers benefit is gone.
That whole expense would be considered an "entertainment expense" under code section 274. He would not be allowed any of that deduction.
He may consider it "advertising/marketing," but it would be scrutinized under audit.
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Replies: 25
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