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Old 04-22-2012, 03:21 PM   #1
GVP Racing
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Sponsorship questions

I have always heard that sponsorship is a tax deduction but how is it deducted
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Old 04-22-2012, 04:44 PM   #2
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Usually a business can write it off as an advertising cost. Obviously theres more to it than just that, but thats how they do it.




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Old 04-22-2012, 08:34 PM   #3
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On the personal side, there is a rule for hobbies in the tax code. If you get sponsored, you just spend that sponsorship and its a wash, you dont pay taxes on the "income".

As a business, any moneys you spend on sponsorships can be considered advertising (like 757 said), and all advertising expense is tax deductible.




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