New tax law

[shannondawg]

I see where donations to booster clubs are not tax deductible for tickets.

So ticket price has never been deductible, don't know about the premium on the seats.

But would donations over and beyond the price of ticket and premium be deductible?

Thats gonna hurt.

[Homedawg]

I see where donations to booster clubs are not tax deductible for tickets.

So ticket price has never been deductible, don't know about the premium on the seats.

But would donations over and beyond the price of ticket and premium be deductible?

Thats gonna hurt.

yes, premium seating and any payment to BDC is not deductible any longer. gonna hurt, no way to spin it otherwise

[Joethedawg1]

Only makes sense that the Feds would take that away. Had absolutely nothing to do with a charitable donation. I hate it, but it is what it is.!!

[99jc]

They need to tax churches....they would balance the national budget in 2 years.

[Jack Lambert]

That does suck but with the child credit doubling to 2000 each and the standard Married tax deducting doubling to 24000.00 it will all work out for most.

[drunkernhelldawg]

That does suck but with the child credit doubling to 2000 each and the standard Married tax deducting doubling to 24000.00 it will all work out for most.

Would have worked out from me about 10 years ago. Children grow up.

[tcdog70]

Maybe, some of the Tax write offs in the lower section of the Hump will give up their tax write offs and seats will once again have butts in them.

[Jack Lambert]

Would have worked out from me about 10 years ago. Children grow up.

Lucky for me I still have two but the 24000 might work out for you. I don't know how much you write off every year or if it is more then 24000 but 24000 is a nice deduction.

[drunkernhelldawg]

Lucky for me I still have two but the 24000 might work out for you. I don't know how much you write off every year or if it is more then 24000 but 24000 is a nice deduction.

That could help. We're going to see. Better buy them young'uns some ice cream for giving you that wad of cash.

[Johnson85]

That does suck but with the child credit doubling to 2000 each and the standard Married tax deducting doubling to 24000.00 it will all work out for most.

I suspect many (most?) of the people buying season tickets were already hitting near the $24k in deductions between personal exemptions, mortgage interest, state taxes, and charitable donations. It still can work out in those people's favor.

Now all the people with pass-through entities that are about to get a 20% deduction should make out like bandits, so maybe that will help offset some of the pain.

[MCsMGs]

The value of a tax deduction is grossly overstated. Most people seem to believe that every dollar they can deduct, that they save a dollar on taxes. If you are in the max tax bracket, a tax deduction will save you about 25 cents on a dollar. One of the best ways I know of to go bankrupt is to spend a dollar to save a quarter...

When you have your taxes done, have whoever prepares them to take the deduction out for charitable contributions and see how much it affects your return.

A tax credit, on the other hand is a very different animal.

[Steakonastick]

yes, premium seating and any payment to BDC is not deductible any longer. gonna hurt, no way to spin it otherwise

From what about Bo Hemphill told me. You can still write off donations to the bulldog club and etc. But you can not receive any points for your donations. So people will have to decide between increasing their bulldog club rank or tax write offs.

[Political Hack]

Lucky for me I still have two but the 24000 might work out for you. I don't know how much you write off every year or if it is more then 24000 but 24000 is a nice deduction.

Itemized is typically above that. So, my taxes are going up. Awesome.

[Jack Lambert]

Itemized is typically above that. So, my taxes are going up. Awesome.

Doing your part. :)

[shannondawg]

Seems to me that the too many employee's of the bdc had better get their ass to work soliciting donations, or find their ass out of work.

[dawgs]

They need to tax churches....they would balance the national budget in 2 years.

They need to buy those jets and multi-million dollar homes to spread the word of god. Can’t tax them cause then they wouldn’t be able to help the needy and stuff.

[louisvilledawg]

Itemized is typically above that. So, my taxes are going up. Awesome.

The tax brackets are going down tho.

[RocketDawg]

From what about Bo Hemphill told me. You can still write off donations to the bulldog club and etc. But you can not receive any points for your donations. So people will have to decide between increasing their bulldog club rank or tax write offs.

Are you sure? I thought the only deductions to colleges now was if you give to the academic side. In my mind, athletic donations never should have been deductible anyway.

Not being able to deduct doesn't impact me. I haven't itemized in several years ... got no mortgage! So the new tax law will do nothing but help me. I don't pay income taxes at all in Alabama because all my retirement income is exempt.

[Dawgtini]

Would have worked out from me about 10 years ago. Children grow up.

Preach it. had 6 at one time. down to one now /sad trombone

[Political Hack]

The tax brackets are going down tho.

True. I haven’t done he calculation yet, but I do wish individuals would’ve gotten the same cut as the corporations and the corps would’ve gotten the percentage “cut” individuals got. Either way, there’s going to be less itemized so I suspect a lot of accountants are going to lose accounts. Turbo tax will see a bump, but the old school accountants will start to see their workloads reduce.
Ite

[The Federalist Engineer]

Only makes sense that the Feds would take that away. Had absolutely nothing to do with a charitable donation. I hate it, but it is what it is.!!

Charitable donations to give meat heads Seven-Figure salaries and hookers - just another group pillaging the people

[RocketDawg]

Charitable donations to give meat heads Seven-Figure salaries and hookers - just another group pillaging the people

And coaches 7, and in Saban's case 8, figure salaries. Maybe such salaries will come down to earth one day.

[Homedawg]

This entire thread tells you why the students don't sit mid court lower level for hoops. It costs money to be 13th in sec budget. And that's not a joke either

[dawgs]

And coaches 7, and in Saban's case 8, figure salaries. Maybe such salaries will come down to earth one day.

Why? So long as programs are raking in tens of millions every year and the players essentially cost nothing, coaches are gonna take home huge checks. Where else is it gonna go?

Same thing with pro sports and people complaining about player salaries. If the players don’t get the money, it just goes in the pockets of the billionaire owners.

[Leeshouldveflanked]

[QUOTE=Steakonastick;909917]From what about Bo Hemphill told me......
Bo may have had his mind on something else.....

[Political Hack]

[QUOTE=Steakonastick;909917]From what about Bo Hemphill told me......
Bo may have had his mind on something else.....

That’s gonna leave a mark...

[RougeDawg]

Lucky for me I still have two but the 24000 might work out for you. I don't know how much you write off every year or if it is more then 24000 but 24000 is a nice deduction.

But having a $24k + deduction also means you are pushing a large sum of money around every year generating interests and taxes with every mobement of your money. The ignorance of the previous and current tax plans are how they got away with this one.

Under this plan there will be less people paying any income taxes at all and those who were already paying the majority will pay more. They sold it on a bunch of lies. Before this tax plan almost half of all Americans paid no income taxes. Some even got working tax credits back that didn?t pay any taxes. Under the new one, less total Americans pay any income taxes, more get the working tax credit and those still paying in the larger brackets will pay more if their money is working in certain investments. If your money sits in your bank account only you?ll see a benefit. If you based your previous investments on the previous tax structure, you are getting f*cked in this tax plan. Guess it?s onky right for the government to punish those who actually put their money back into the economy, unless you are a business owner.

My taxes will go up and I?m nowhere close to rich. My taxes are going up because of where my money is in specific investments. Basically getting penalized because I chose to put money in areas before the new tax plan.

[CottonDog]

From what about Bo Hemphill told me. You can still write off donations to the bulldog club and etc. But you can not receive any points for your donations. So people will have to decide between increasing their bulldog club rank or tax write offs.

Per the Bulldog Club Website you cannot write off donations for tickets, but can wave the right for priority for all other donations and be able to write it off. Just like you are saying Bo said.

"Please take note that The Tax Cuts and Jobs Act of 2017 changed federal tax law as it relates to the deductibility of contributions to organizations like The Bulldog Club. For all donations beginning in 2018, no federal income tax deduction is allowed if, as a result of a contribution, the donor receives (directly or indirectly) the right purchase tickets for seating at an on campus athletic event. Under this new law, contributions required to purchase season tickets (seating obligations) are no longer tax deductible. Our current understanding is that any other contribution for which a donor receives priority points in The Bulldog Club priority points system will also be nondeductible. In light of this change, The Bulldog Club wants all donors to be aware of the option to decline priority points for a donation that is not related to seating obligations. If you would like to decline priority points for any donation made above and beyond your seating obligations, it is your responsibility to notify The Bulldog Club by filling out and submitting the Bulldog Club Priority Points Waiver Form (PDF) or by contacting our office. Unless we are advised of an intention to decline priority points for a donation, we will process the payment and recognize priority points in accordance with current priority points policy."

https://msubulldogclub.com/sports/2017/9/5/priority-points.aspx

[Tbonewannabe]

Tickets are also not tax deductible under the Meals and Entertainment category. You used to be able to take 50% of the ticket face value as a deduction but you can't starting in 2018.

[Johnson85]

True. I haven?t done he calculation yet, but I do wish individuals would?ve gotten the same cut as the corporations and the corps would?ve gotten the percentage ?cut? individuals got. Either way, there?s going to be less itemized so I suspect a lot of accountants are going to lose accounts. Turbo tax will see a bump, but the old school accountants will start to see their workloads reduce.
Ite

The corporate tax cut was just good policy. Corporations don't pay taxes and a corporate tax is a stupid way to raise money from workers, investors, and consumers. The 20% deduction for pass throughs is pretty horrendous. The changes to individual tax rates were a mixed bag. I get that doubling the exemption makes it easier to get rid of or limit some of the worse parts of the tax code (such as mortgage interest deduction and deductibility of state and local taxes), but they also indexed the tax code to chained CPI, which is bad (especially since entitlements aren't tied to chained CPI).

[Liverpooldawg]

Why? So long as programs are raking in tens of millions every year and the players essentially cost nothing, coaches are gonna take home huge checks. Where else is it gonna go?

Same thing with pro sports and people complaining about player salaries. If the players don’t get the money, it just goes in the pockets of the billionaire owners.

Players cost nothing? I beg to differ. College ain’t cheap.

[Tbonewannabe]

Players cost nothing? I beg to differ. College ain’t cheap.

And just like any business, lower level employees don't make as much as shareholders or owners. College athletes probably make around $60k per year in tuition, room and board, books, and other perks. They also make connections that other students just don't get. I am sure it would help if you went into one of the Seal's businesses if you had personal interactions with them. The thing that basically makes everyone mad is the handful of athletes that are put on SI covers and marketed don't reap any additional benefits. If you worked at a normal business then that person would either get bonuses of some kind or could change jobs, although something like that might have a non compete clause in their contract.

Does it suck that college athletes aren't able to be a normal college student? Yes it does but people have to decide if they want to open Pandora's box because the minute they are "paid employees" then the IRS will be taxing them on some of these fringe benefits.

[louisvilledawg]

True. I haven?t done he calculation yet, but I do wish individuals would?ve gotten the same cut as the corporations and the corps would?ve gotten the percentage ?cut? individuals got. Either way, there?s going to be less itemized so I suspect a lot of accountants are going to lose accounts. Turbo tax will see a bump, but the old school accountants will start to see their workloads reduce.
Ite

We've actually seen a bump in gaining accounts here recently. Think we added like 200 accounts the last month or so.

[shannondawg]

What if you don't buy tickets and still contribute to the BDC?

[Lord McBuckethead]

But having a $24k + deduction also means you are pushing a large sum of money around every year generating interests and taxes with every mobement of your money. The ignorance of the previous and current tax plans are how they got away with this one.

Under this plan there will be less people paying any income taxes at all and those who were already paying the majority will pay more. They sold it on a bunch of lies. Before this tax plan almost half of all Americans paid no income taxes. Some even got working tax credits back that didn?t pay any taxes. Under the new one, less total Americans pay any income taxes, more get the working tax credit and those still paying in the larger brackets will pay more if their money is working in certain investments. If your money sits in your bank account only you?ll see a benefit. If you based your previous investments on the previous tax structure, you are getting f*cked in this tax plan. Guess it?s onky right for the government to punish those who actually put their money back into the economy, unless you are a business owner.

My taxes will go up and I?m nowhere close to rich. My taxes are going up because of where my money is in specific investments. Basically getting penalized because I chose to put money in areas before the new tax plan.

Bingo. Thanks Obama.

[dawgs]

Players cost nothing? I beg to differ. College ain’t cheap.

If college sports disappeared tomorrow, the universities would still hold the same classes with the same professors costing the same salary. The only difference is adding a couple seats in the classroom, but the cost is already there, you just stick a few athletes in the classes. That’s far different than paying out a salary. It’s loke a restaurant “paying” the staff with free dinner from food they were already cooking.

[aldawgbite]

The athletic department cuts a check to university to pay the cost of tuition for every athlete so it is not free.

[BeardoMSU]

Bingo. Thanks Obama.

http://www.reactiongifs.com/r/2013/02/obama.gif

[dawgs]

The athletic department cuts a check to university to pay the cost of tuition for every athlete so it is not free.

It’s for accounting purposes. The university is paying itself. If athletics ended tomorrow, the academic side of MSU would continue normally. The same classes would be taught and the same professors would be paid the same salaries.

Either way, the point is that if you want the massive tv checks, then coaches are gonna get paid big money. Thats just how it works. The coaches have the leverage and the universities have the money. Only reason to begrudge coaching salaries is if you think the money should go towards paying players, you don’t think college sports should be commercialized and that tv networks should get out of college sports (decreasing the chances of many of us to watch MSU sporting events), or you are jealous when coaches sign $5M/year extensions after winning 8 games.