1099-misc question. Can I sponsor a soccer team and advertise my business? Will I be able to claim as a loss?
1099-misc question. Can I sponsor a soccer team and advertise my business? Will I be able to claim as a loss?
I am an actor- not as a full profession. Just looking for ways to advertise my services and claim as a loss on my taxes.
Answers:
Judy: If your acting is basically a hobby, then you could take the sponsorship as an expense against income for that year, but could not deduct any net loss as a business loss.
If you are trying to make it a business, then yes, you could deduct it.
2007-07-31 19:33:29
2007-07-31 19:33:29
Chosen Answer
ninasgramma: Money you give to a nonprofit soccer league, which is considered a charity by the IRS, to sponsor their activities would be a charitable donation that would go on your Schedule A. If you purchased advertising space, those costs are deductible as advertising. Sounds like you are making a charitable donation. These donations would not be deductible on Schedule C. This is because these donations are not ordinary and necessary expenses for your business.
2007-08-01 00:49:43
ninasgramma: Money you give to a nonprofit soccer league, which is considered a charity by the IRS, to sponsor their activities would be a charitable donation that would go on your Schedule A. If you purchased advertising space, those costs are deductible as advertising. Sounds like you are making a charitable donation. These donations would not be deductible on Schedule C. This is because these donations are not ordinary and necessary expenses for your business.
2007-08-01 00:49:43