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Stadium Default - Tax Bill

UWhuskytskeetUWhuskytskeet Member Posts: 7,108
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That's going to fuck up donations bigly. Do they just raise ticket prices proportionally?


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    RaceBannonRaceBannon Member, Swaye's Wigwam Posts: 101,776
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    When I donated and when I stopped donating had nothing to do with deductions.

    The rich need to pay their share is what I'm hearing
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    UWhuskytskeetUWhuskytskeet Member Posts: 7,108
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    RaceBannon said:

    When I donated and when I stopped donating had nothing to do with deductions.

    The rich need to pay their share is what I'm hearing

    Not even saying I disagree with it, just wondering how much this is going to fuck up season tickets next year. Tickets that cost $500 plus a mandatory $750 donation are now $600 more expensive since the $750 is no longer deductible.
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    2001400ex2001400ex Member Posts: 29,457
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    Question is, can you still deduct it on your business? Does this only end for your personal return? Most people I know run husky tickets through their business. Same with Seahawks and Mariners.
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    RaceBannonRaceBannon Member, Swaye's Wigwam Posts: 101,776
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    @CirrhosisDawg doesn't get to write off all of his golden state tax anymore either. Soak the rich baby!
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    YellowSnowYellowSnow Moderator, Swaye's Wigwam Posts: 34,077
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    Looks like Row Boat won't be getting my $100.00 annual donation this year. Helps CAL IMO.

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    greenbloodgreenblood Member Posts: 14,282
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    edited December 2017
    2001400ex said:

    Question is, can you still deduct it on your business? Does this only end for your personal return? Most people I know run husky tickets through their business. Same with Seahawks and Mariners.

    I'm not an accountant, but if the business buys the tickets with the purpose of taking clients to games, I don't see why businesses can't deduct the proportion used for clients. I could be wrong...
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    CirrhosisDawgCirrhosisDawg Member Posts: 6,390
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    RaceBannon said:

    @CirrhosisDawg doesn't get to write off all of his golden state tax anymore either. Soak the rich baby!

    True. We do get to keep $10k property tax, mortgage interest, child and charity credits though. $200k gross or so looks like break even if you can take a healthy bight out of these deductions.

    It could have been a lot worse given what was proposed...
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    2001400ex2001400ex Member Posts: 29,457
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    CirrhosisDawg said:

    RaceBannon said:

    @CirrhosisDawg doesn't get to write off all of his golden state tax anymore either. Soak the rich baby!

    True. We do get to keep $10k property tax, mortgage interest, child and charity credits though. $200k gross or so looks like break even if you can take a healthy bight out of these deductions.

    It could have been a lot worse given what was proposed...
    My taxable income will be $8k higher but taxed at a lower rate so I will save some money on the final package, mostly the child tax credit increase.
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    LebamDawgLebamDawg Member, Swaye's Wigwam Posts: 8,555
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    since I am poor and no nothing about finances I will find a way to juggle the books like I do every year. no impact here
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    doogiedoogie Member Posts: 15,072
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    2001400ex said:

    CirrhosisDawg said:

    RaceBannon said:

    @CirrhosisDawg doesn't get to write off all of his golden state tax anymore either. Soak the rich baby!

    True. We do get to keep $10k property tax, mortgage interest, child and charity credits though. $200k gross or so looks like break even if you can take a healthy bight out of these deductions.

    It could have been a lot worse given what was proposed...
    My taxable income will be $8k higher but taxed at a lower rate so I will save some money on the final package, mostly the child tax credit increase.
    Nobody cares about the hypothetical family you’re choosing to be today.
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    2001400ex2001400ex Member Posts: 29,457
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    doogie said:

    2001400ex said:

    CirrhosisDawg said:

    RaceBannon said:

    @CirrhosisDawg doesn't get to write off all of his golden state tax anymore either. Soak the rich baby!

    True. We do get to keep $10k property tax, mortgage interest, child and charity credits though. $200k gross or so looks like break even if you can take a healthy bight out of these deductions.

    It could have been a lot worse given what was proposed...
    My taxable income will be $8k higher but taxed at a lower rate so I will save some money on the final package, mostly the child tax credit increase.
    Nobody cares about the hypothetical family you’re choosing to be today.
    Sounds like you care.
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    TierbsHsotBoobsTierbsHsotBoobs Member Posts: 39,680
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    It's still cheaper to watch the games at home
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    DerekJohnsonDerekJohnson Administrator, Swaye's Wigwam Posts: 60,298
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    https://www.youtube.com/watch?v=XEL65gywwHQ
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    CSEDawgCSEDawg Member, Swaye's Wigwam Posts: 4
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    UWhuskytskeet said:

    RaceBannon said:

    When I donated and when I stopped donating had nothing to do with deductions.

    The rich need to pay their share is what I'm hearing

    Not even saying I disagree with it, just wondering how much this is going to fuck up season tickets next year. Tickets that cost $500 plus a mandatory $750 donation are now $600 more expensive since the $750 is no longer deductible.
    You seem to need some help. A deduction from your taxes simply makes that money non-taxable. So a $750 donation, where $600 was previously non-taxable, does not cost you $600; it costs you the taxes you would owe on the $600. Unless your are FS, you are not paying 100% of your income to the federal government, so, at most, you are probably losing $200 at a 33.33% tax rate ... suggesting your make approx half a million per year.
    That being said I don't think that is your tax bracket. HTH.

    All that being said ... everyone who thinks they are saving money with this tax bill is going to be surprised in a couple of years when the rates revert and they have lost a good portion of their deductions.
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    PurpleThrobberPurpleThrobber Member Posts: 41,970
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    CirrhosisDawg said:

    RaceBannon said:

    @CirrhosisDawg doesn't get to write off all of his golden state tax anymore either. Soak the rich baby!

    True. We do get to keep $10k property tax, mortgage interest, child and charity credits though. $200k gross or so looks like break even if you can take a healthy bight out of these deductions.

    It could have been a lot worse given what was proposed...
    You sound poor.

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    HuskyJWHuskyJW Guest, Member Posts: 14,189
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    edited December 2017
    I'm hearing big deals get done at UW vs Cal.
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    KaepskneeKaepsknee Member Posts: 14,751
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    CSEDawg said:

    UWhuskytskeet said:

    RaceBannon said:

    When I donated and when I stopped donating had nothing to do with deductions.

    The rich need to pay their share is what I'm hearing

    Not even saying I disagree with it, just wondering how much this is going to fuck up season tickets next year. Tickets that cost $500 plus a mandatory $750 donation are now $600 more expensive since the $750 is no longer deductible.
    You seem to need some help. A deduction from your taxes simply makes that money non-taxable. So a $750 donation, where $600 was previously non-taxable, does not cost you $600; it costs you the taxes you would owe on the $600. Unless your are FS, you are not paying 100% of your income to the federal government, so, at most, you are probably losing $200 at a 33.33% tax rate ... suggesting your make approx half a million per year.
    That being said I don't think that is your tax bracket. HTH.

    All that being said ... everyone who thinks they are saving money with this tax bill is going to be surprised in a couple of years when the rates revert and they have lost a good portion of their deductions.
    So by a couple years you mean like 8?
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