The March 2, 2013 Celebrity Golf Classic event hosted by the Canada-California Business Council (CCBC) to benefit the March of Dimes Canada and ProCon.org will not only benefit two great charities but also counts as a 100% entertainment tax write off for golfers and spectators.
As most people know, the general rule is that tax deductions for business meals and entertainment are reduced by 50%.
Golfers, however, are tax privileged because they qualify for a 100% percent entertainment deduction when they play in, or are a spectator at, a qualified charity golf event, such as the upcoming CCBC event. Better yet, even though it’s a charitable event, they can also avoid treating the deduction as a charitable contribution subject to value limitations.
How is this possible?
Well, thanks to a little known section in the IRS tax code, events which are (1) organized for the primary purpose of benefiting a charitable organization, (2) use volunteers for substantially all the work and (3) donate the net proceeds of the event to a charitable organization are not subject to the 50% deduction limitation.
Say you buy two premiere golf tickets to CCBC golf event. On the day of the golf outing, you and your business colleague play a round of golf with a celebrity at the Desert Dunes Golf Club and then head off to the post tournament reception at the beautiful Riviera Palms Springs Resort & Spa. With proper documentation, the green fees, reception, and entertainment costs of this outing qualifies for a 100% tax deduction.
Smile. You’ve just helped two great charities and taken a 100% tax deduction while having some fun at the same time.
For more information or to register for the event, visit www.marchofdimes.ca/golf.