Oahu, Hawaii until we return to the Appling, Ga farm.
Dressage related (sort of): Benefactor to Dressage Trainer
I have funded several endeavors for my horse trainer to include fees for steffen Peters clinic, paid for website, and other business related items. Am I allowed to write this off on my taxes?
I would honestly say that all of my contributions only total around 4k.
"Lose your temper, lose your horse" -someone wise enough to know better than to pick a fight with a 1200 lb animal that could launch you to the moon.
yes, if for example your business is selling horses and if these expenses were directly related to the training of the sales horses, they may be claimable as business expenses depending on your tax laws_.
You should discuss with your accountant (if you have one)
I would look into that more closely. Because tax deductible donations must be made to an institution, not an individual, our particular 501c3 can not ear mark funds for a private individual. You can make a donation restricted to a scholarship or a program, and an individual can apply for that scholarship or program.
Giving funds to a charity to give to specific individual in order to get a deduction sounds a little fishy to me. However, the Dressage Foundation may be different, so let me know what you find out.
I'm pretty sure there is a way to do it. I know someone who has benefited from this kind of arrangement through TDF -- and the benefactor has benefited too, in terms of a tax deduction. I'm no expert, obviously, and there is a lot more to it than what I have mentioned, but TDF can answer any of your questions. That's what they do!
There is a very thin line between deducting expenses as business related expense or as hobby related expense. Be extra careful with it and always double check with your accountant.
May be it can be deductable under the "sponsorship" if the trainer did display your business logo and gave your a credit for your money - and that is if you have a horse related business. For example if your logo was displayed on the saddle pad during the SP clinic and you have a documentation from the trainer that you did pay for her, may be a program with print that your trainer is "sponsored by ... your business" If not, I dont know...
But I do know that its only the money/products that you can deduct. You cant deduct any of your time, like the time that you donated making a website for your trainer, but I might be wrong.