IPS - Non-profit - Tax Write-off

[_Keith]

Since IPS is a non-profit I am assuming that dues can be taken as a tax deduction. But what I really want to know is if the trips to the Biennials can be written off, as they are trips to a non-profit board meetings?

[joe_OC]

Yes, if you are on the BOD, you can write them off.

[_Keith]

Yes, if you are on the BOD, you can write them off.

Writing off your vacation to an across the world tropical destination. I think I am seeing a BIG benefit to being on the board if you are wealthy enough to do such things.

[bgl]

I am certain that quite a few on the Board are not what you would consider "wealthy". More about priorities in life.

[_Keith]

I am certain that quite a few on the Board are not what you would consider "wealthy". More about priorities in life.

Kind of a subtlety, but I said "wealthy enough" not "wealthy."

[_Keith]

I am certain that quite a few on the Board are not what you would consider "wealthy". More about priorities in life.

Kind of a subtlety, but I said "wealthy enough" not "wealthy." There are those to whom a tax write-off would make no difference. A trip like that would just take money away from the family, mortgage and groceries.

[bgl]

That is indeed a very fine subtlety. I am certain that a number of people on the BOD (myself included) would object to the word "wealthy" being attached to them, no matter how subtle this is expressed. We are probably mincing words here, but a better way to express it IMO would be to say something along the lines of "in a position to afford these kinds of trips", and maybe adding "by carefully weighing these expenses against other priorities that may, or may not, be all that important".

[Jerry@TreeZoo]

I would think there are more than a few ways to write off all or part of a biennial trip. If you write a column for magazine or travel blog. If you research investment property there. if you buy plants or seed for your nursery. There are a lot of reasons.

[sonoranfans]

I think the class envy card is a big loser. Keep pushing that line and I'm sure people making minimum wage will be seeing

$20/hr as wealthy. It is obvious to me that is little or no financial reward to being on the BOD, it is obviously a sacrifice in time (and time is money). There are enough complications here recently, adding a class warfare element is not going to be productive.

[PALM MOD]

I would remind everyone that we do not offer legal, medical, or tax advice here.

But it is my understanding that it would make no difference whether the IPS is a non-profit or not. In fact it would make more sense if you were on the BOD of a regular corporation and attending a BOD meeting. In that event you would have income against which you could deduct your expenses. And if gone for a week or two for a meeting that only takes place for one or two days - I'm sure the IRS might have a few questions during an audit.

But best to check with your accountant.

[Cindy Adair]

When I ran for the Board 2 years ago, I consulted with the person who does our taxes as to my particular circumstances. However I did so to get a more accurate answer of what I would need to save to fulfill a commitment if I had been elected. In other words, how much of my own money would I need to spend hiring someone to work for me in my absence plus travel costs factoring in any tax deductions.

If I were going to just plan a trip somewhere I could choose a time where I might not need to hire a replacement and my family might be able to join me. I would pick a time where I wouldn't need to pay someone to water my greenhouse plants. I would never spend an entire day inside a cold room following Robert's Rules of Etiquette.

So there's no denying that I would rather spend time in a place with nice palms, even flying to (insert the least favorite locale of your choosing here) would incur travel expenses that would come out of my pocket.

So am I in favor of trying to work out electronic inclusiveness in future meetings? Absolutely. Do I fully understand all the pluses and minuses and technological options? No. However, I know as the rules currently exist that all nominees are expected to attend most if not all meetings where they then can work to modify existing rules to their liking after they research all the facts.

[Kathryn]

Keith - I have written off my airfare in the past. I probably could also write off two nights for the hotel and a few meals since this is required to attend the board meeting, but not the biennial cost or Craig's airfare.

[Mandrew968]

That is indeed a very fine subtlety. I am certain that a number of people on the BOD (myself included) would object to the word "wealthy" being attached to them, no matter how subtle this is expressed. We are probably mincing words here, but a better way to express it IMO would be to say something along the lines of "in a position to afford these kinds of trips", and maybe adding "by carefully weighing these expenses against other priorities that may, or may not, be all that important".

When has anyone ever admitted to being wealthy? Sometimes those guilded trees can obscure the forest...

Having said that, I consider myself very wealthy; I need nothing I don't have, I don't struggle and have riches beyond my most lavish dreams.

[palmislandRandy]

Does anyone wish to purchase or lease an industrial or commercial building?

There, now my dues are deductible.

Randy Wiesner

ComNet Realty Inc.

[Jeff Searle]

I for one am really starting to get turned off from reading some of this back and forth crap. And you don't have to remind me that no one is forcing me to come here to this topic and read it. But man, it's really getting petty!

[Mandrew968]

I for one am really starting to get turned off from reading some of this back and forth crap. And you don't have to remind me that no one is forcing me to come here to this topic and read it. But man, it's really getting petty!

http://www.palmtalk.org/forum/index.php?/topic/39329-strict-rule-courtesy-and-respect-only/

[Jerry@TreeZoo]

I don't know about you guys, but I get all my tax advice from forums like Palm Talk. What could go wrong?

[DoomsDave]

I would remind everyone that we do not offer legal, medical, or tax advice here.

But it is my understanding that it would make no difference whether the IPS is a non-profit or not. In fact it would make more sense if you were on the BOD of a regular corporation and attending a BOD meeting. In that event you would have income against which you could deduct your expenses. And if gone for a week or two for a meeting that only takes place for one or two days - I'm sure the IRS might have a few questions during an audit.

But best to check with your accountant.

CHECK WITH A TAX PROFESSIONAL.

WE DO NOT GIVE TAX ADVISE HERE.

[Mandrew968]

I don't know about you guys, but I get all my tax advice from forums like Palm Talk. What could go wrong?

[realarch]

I agree, if you have any questions on tax matters, check with your tax professional. Enough about who can and can't afford whatever.

Tim

[_Keith]

Dean, feel free to kill this topic. The answer, given an informal one that would of course need to be verified at tax filing time, was provided long ago. Everything else was as Jeff said, was just back and forth doodoo.

[PALM MOD]

If I "killed" every topic that provided an informal answer and ended with back and forth doodoo, we wouldn't have much left.

[_Keith]

If I "killed" every topic that provided an informal answer and ended with back and forth doodoo, we wouldn't have much left.

LOL, well, you have a point.