Post by mrnice on Dec 19, 2015 9:14:56 GMT -6
It took a long time and several attempts to gain tax exempt status but the IRS has finally come to it's senses and made the Sandhills Out Reach Charity a tax exempt entity. The Sandhills Out Reach Charity is the umbrella group for the Sandhills Open Road Challenge. I know all of this sounds confusing but remember we are dealing with the government. What it boils down to is that any sum above $150.00 is tax deductible when entering the SORC. The reason for the $150.00 is that the fee must reflect "reasonable expenses" necessary in conducting the event which are not exempt. Don't ask me why all I know is that we have to do it and to also keep the state of Nebraska off of our back for sales taxes. So if you spend $700.00 to enter the 120 class with a navigator you can deduct anything above $150.00. If you have questions consult your CPA.
Mr. Nice
Mr. Nice
