February 15th, 2010 at 1:09 PM ^
that are necessary to get your season tickets are 80% deductible. The tickets themselves are not. It is the same for the suites and clubs, the tickets themselves are not deductible. The "donations" that make you eligible to have your seats in the suites or club seating section are 80% deductible.
February 15th, 2010 at 1:10 PM ^
/thread
February 15th, 2010 at 5:15 PM ^
is correct. I is the "donation" part that is tax deductible. since you 'receive' something -- the right to purchase a seat, they are only 80% deductible.
February 15th, 2010 at 1:14 PM ^
So if your a season ticket holder and you pay that 500 per seat tax is that deductible?
February 15th, 2010 at 1:16 PM ^
Yes. The seat tax is seen as a mandatory donation.
February 15th, 2010 at 1:52 PM ^
80% ($400) of that $500 is tax deductible as a donation. The other 20% is considered payment for goods/services - in this case, you are paying for victors club privileges, as well as purchasing the option/right to purchase seats.
February 15th, 2010 at 1:18 PM ^
80% for federal
State of Michigan its up $200 for a qualifying institution (UofM)
February 15th, 2010 at 1:27 PM ^
And I think Michigan is a credit, so you get all $200 should you have enough tax due before the credit.
February 15th, 2010 at 3:32 PM ^
Those of us still in the great state of Michigan also get a 50% credit, up to $200, on your state taxes.
So for me, a $500 seat license was worth a $400 deduction on Federal and a $200 credit from the State.
Not bad. Not bad at all...
February 15th, 2010 at 1:45 PM ^
I have a friend who wants Popov to claim him as a dependent.
February 15th, 2010 at 2:17 PM ^
But as long as we're on taxes, be sure to check out the Making Work Pay tax credit; Schedule M, line 63 on your friendly neighborhood 1040.
From what I can tell, it's a $400 refundable credit ($800 for married couples filing jointly) for having a pulse.
** The previous statements are not to be considered recommendations for purposes of tax preparations. **
February 15th, 2010 at 3:42 PM ^
and your withholding was supposed to have been reduced to reflect it. I am not sure if it phases out as income goes up or not. Haven't done my taxes yet.
February 15th, 2010 at 4:36 PM ^
Starting at $75,000 ($150,000 married/filing jointly). It vanishes at $95,000 ($190,000).
Hurray for being broke!!!
EDIT: It only applies if you made more than $6,451 ($12,903) last year.
Instructions, forms
February 15th, 2010 at 4:53 PM ^
Remember that you do not qualify for the deduction if you don't itemize your deductions. If you file a 1040EZ, you will not get the deduction/tax credit.
February 15th, 2010 at 5:10 PM ^
I took the standard deduction, and still took the credit.
It appears in the "payments" section of the 1040, so technically the IRS considers this to be money you've already 'paid.' It's as if the government paid an extra $400 onto your withholdings for the year.
It isn't a deduction, it's a credit. It doesn't reduce your taxable income, it reduces the total tax owed on your income.
February 15th, 2010 at 5:01 PM ^
Considering how our 09 season went I am thinking that any season tickets could be considered a deduction as a contribution to disaster relief...Of course this is a one time only line item.
February 16th, 2010 at 10:39 AM ^
Tickets themselves could be tax deductable if you use them to entertain clients. Then, 50% of the ticket is deductable as a business expense. Comes in handy for the small business owner or independent contractor.