Posted by Bruce Coldsmith on January 07, 2007 at 22:37:59:
I noticed the 2 sequences on taxes and masters runners, and not that there is a relation between the two, but...
As I understand our tax code you are able to deduct that portion of your entry fee which goes toward the charity itself (Entry fee less goods and services provided). As several people pointed out, many charities send letters to contributors outlining the breakdown. Races generally do not.
We have a voluntary tax payment system in the US. You claim whatever you think is valid and must defend your decisions if you are audited. If you are not audited, it is assumed you have volunteered the correct information. The IRS can go back three years to review you returns.
PS I AM NOT A CPA or TAX PREPARER!! I am a CFP!
In regard to masters, grand masters etc., we have a senior grand masters tream running this year in the relay. I am impressed! And, from what I hear, these "old school" guys (atleast 3 current or former professors at South- can you guess who?) will kick some butt!
Get your entries, relay or otherwise, in as soon as possible, and we'll see you at the starting line- 7:30 AM, Government St.