Tax deductible SAK's???

Medic82 · **on:** December 08, 2008, 04:09:00 PM

Just thought of something. Felinevet is a 501(c)(3) Nonprofit Charity Corporation. Does that mean that everything you buy from the shop is considered a donation and therefore tax deductible? You may say no because it’s a shop, butt lets say that you make a “donation” because you want to help the kitties. It’s not your fault that they show their gratitude by “giving” you a SAK.

WhichDawg · **Reply #1 on:** December 08, 2008, 04:32:50 PM

LOL Norway, the land of beautiful blondes and savvy tax dodg....ahh consultants!

Medic82 · **Reply #2 on:** December 08, 2008, 04:48:27 PM

Quote from: WhichDawg on December 08, 2008, 04:32:50 PM

the land of beautiful blondes and savvy tax dodg

I'm neither beautiful or blond..............But a tax dodger?........Yeas I am.

WhichDawg · **Reply #3 on:** December 08, 2008, 04:50:47 PM

me too!

and I like your thinking!

Mike, Lord of the Spammers! · **Reply #4 on:** December 08, 2008, 07:32:34 PM

There was a thread about this subject over on sosak a couple of years back, and I'm sure at least a couple of fella's over the pond wrote there sak's of to the tax man

Neil · **Reply #5 on:** December 08, 2008, 09:25:36 PM

Wish we could do that $:-\$

Neil

Splat · **Reply #6 on:** December 08, 2008, 11:01:41 PM

Quote from: NKB on December 08, 2008, 09:25:36 PM

Wish we could do that $:-\$

Start your own business where a purchase/useage of a knife or multi would be plausible.

I have my own computer business and have written off multis and knives. Hey, I do use them for my work so it's legal.

Only thing I've donated was my old truck. I received a receipt for that. Would Tim have to send you some type of receipt for said "donation"?

Neil · **Reply #7 on:** December 08, 2008, 11:13:20 PM

Tax rules/laws/anything scare me

I don't actually earn enough to pay HM Revenue any money but that still doesn't stop them making me fill out a tax return

Neil

Sea Monster · **Reply #8 on:** December 09, 2008, 09:49:58 AM

I put my down as Tools/Equipment expenses.

The big ones I have to depreciate over a few years!

Grant Lamontagne · **Reply #9 on:** December 09, 2008, 02:29:40 PM

As far as I know, the tax receipts are only valid in the US, although your government would have to decide whether or not they would accept it as a legitimate donation. Also, tax slips aren't issued for a purchase, only for a donation. You would have to send him a knife, money or some other type of donation to actually get a slip.

Def

bobofish · **Reply #10 on:** December 11, 2008, 01:29:48 AM

If you were able to get something like an SAK as a result of a donation (not purchase), the tax credit would only be fore any donation minus value that you have gotten back as a gift because of the donation.

So in other words, if you ever see those PBS donation drives where they offer you a bag of goodies for a $100 donation, technically the donation is only deductible for $100 minus the value of teh bag of goodies. Since so many people fudge on this, the IRS doesn't seem to care unless they audit you.

Purchases from non-profits are just like any other purchase however. The only difference lies in the profit structure of the organization itself, and whether it uses those profits for reinvestment, charitable giving, etc. etc. etc. Non-profits make profits all the time, the only question is whether that money goes to the shareholders, or like I said, back into the company.

BIG-TARGET · **Reply #11 on:** December 11, 2008, 02:26:25 AM

Quote from: NKB on December 08, 2008, 11:13:20 PM

Tax rules/laws/anything scare me

I don't actually earn enough to pay HM Revenue any money but that still doesn't stop them making me fill out a tax return

Neil

I Fear bureaucrats(any nationality)more than I fear certain death!!!

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