i play tennis me and my doubles partner were looking to have some people sponsor our travels but I was wondering how they could give us money in a way that they could get a tax write of and it would not be considered as something that would make us inelligable to go to a college and play on the tennis team.
any answers would help thanks
2006-07-25 05:08:14 · 2 answers · asked by Ummm 2 in Business & Finance ➔ Personal Finance
Give them a letter in writing stating what the money is for and they will either be able to write it off as a charitable deduction if it is a charity, or if it is money in exchange for you wear their name or logo then they can write it off as an advertising expense.
2006-07-25 05:16:04 · answer #1 · answered by Thrasher 5 · 0⤊ 0⤋
make sure you have a sponsership form for the business give them a copy of it and make sure the form has the name of the school, orginazation or which ever applies on it and a space to show how much the donation was for and the date donated.
2006-07-25 05:13:18 · answer #2 · answered by kmarquez36 1 · 0⤊ 0⤋