<VV> 1 REASON TO JOIN CORSA

Fri Feb 20 17:32:30 EST 2009

JR,

You're absolutely correct, the CPF and the CORSA scholarship fund (which is inside CPF for tax reasons) are special tax exempt, non-profit, charitable organizations. They were set up that way specifically so donations would be tax deductible. It's just like giving money to a church or Red Cross.

Ned

-----Original Message-----
From: J R Read_HML <hmlinc at sbcglobal.net>
To: AeroNed at aol.com; virtualvairs at corvair.org
Sent: Fri, 20 Feb 2009 11:31 am
Subject: Re: <VV> 1 REASON TO JOIN CORSA

Ned....  I'm sure no tax expert, but it occurs to me that donations to the 
CPF and/or the college tuition fund (whatever it is called) might be 
deductible items.  Check with your tax advisor.
Later, JR

----- Original Message ----- 
From: <AeroNed at aol.com>
To: <virtualvairs at corvair.org>
Sent: Thursday, February 19, 2009 10:33 PM
Subject: Re: <VV> 1 REASON TO JOIN CORSA

> Oh that's a slippery slope. I've visited this subject several times with 
> my
> accountant, I like to call her my sister because she is. She's the tax 
> expert,
> not me, but I'll pass on what she's told me.
>
> For the club dues and other expenses to be tax deductible, the club would
> have to be a charitable organization. CORSA is charitable but not in the 
> tax law
> sense and I would guess the same is true for your local chapter. You might
> be  able to deduct expenses related directly to supporting your "Got Kids"
> charity.  Another point would be how you use the car. If it is used 
> exclusively to
> support  the charity, OK, but you had better not drive it to the store.
>
> Ned
>
>
>
>
> In a message dated 2/19/2009 8:03:21 P.M. Central Standard Time,
> rmurray at anaheimducks.com writes:
>
> Here's a  big one...The tax writeoffs!
>
> I just got back from meeting w/ tax  agent...let me first preface this by
> saying that my agent is an honest, career  tax person who knows the laws 
> and the
> system - she will go to the edge, but  not over, the legal allowances.  We
> tapped into the info below last year,  but looked much closer this time...
>
> Summarily, as a member of  non-profit groups CORSA and Vintage Corsa, as 
> well
> as Vintage Corsa's  affiliation with charitable partner "got kids", my
> Corvairs qualify as  non-profit promotional vehicles, thus allowing the 
> following
> legitimate  tax-based deductions...
>
> - all out-of-pocket expenses related to said  club membership and club
> activities, including annual dues, meeting meals,  logo swag, parking 
> fees, toll
> charges, event entry fees, raffle drawings,  etc...
> 
- all out-of-pocket travel expenses related to attendance and 
> participation
> in corvair events (ie travel to the national  convention...writeoff 
> airfare,
> hotel, meals, mileage, etc)
> - all general  Corvair mileage (over 3K miles in my case)...ie cruising is 
> in
> effect  promoting CORSA
> - the PURCHASE of my greenbrier last January ($1,100)...ie  I bought a
> vehicle that will promote CORSA
> - all out-of-pocket expenses  related to Corvair ownership...including 
> DMV,
> fuel, cosmetics, and maintenance  and upkeep...expenses necessary to 
> maintain
> the vehicle that promotes CORSA,  be it a fuel pump, an oil change, 
> windshield,
> paint job, engine rebuild, or  car wax.
> - if you choose to get your club newsletters on line and print at  home, 
> you
> can writeoff your internet service, computer, printer, ink, and  paper.
>
> Interestingly, if you AND your spouse are both CORSA members,  you can 
> double
> applicable writeoffs like airfare, meals, dues, swag,  etc.
>
> Ironically, the only thing I couldn't write off is the volunteer  time
> invested supporting your Corvair-related activities...in my case, that 
> means time
> spent on the club and vendor websites, blogs, newsletter, eblasts,  and 
> just
> hanging out talking vairs.  But hey, you'll never see me doing  any of 
> these w/o
> smiling anyway.
>
> So what's the lesson learned?   Join CORSA, save $$$!
>
> As always, check with your trusted tax  representative...may not be 
> available
> in all areas...some restrictions may  apply...residents of Alaska and 
> Hawaii
> add 3% additional sales tax...hot  chicks are at the library...
>
>
> Rod
> Vintage Corsa
> Web, PR,  Corvair Tax  Consultant
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