Athletes and Charity

[Rocket Scientist]

I know some of these cats are genuine perhaps but how much are some of these tax write-offs?Not all of these athletes in it to help folks.Anyone know is there clause in contract for charitable contributions etc

 

[Amare's Right Hook]

Ask me about the rage I have inside

 

[Rocket Scientist]

Ask me about the rage I have inside

 

[TheBlackDeath]

Why does it matter?

 

[dora_da_destroyer]

yes, there are write offs, but many people enjoy giving to others and the more you have, the more you can give. this is especially true for some of those who came from meager backgrounds and relied on publicly funded programs and resources and donations, they pay it forward

 

[AlbertPullhoez]

Ask me about the rage I have inside

If you scared, say you scared, but I ain't scared

 

[Rocket Scientist]

Why does it matter?

I just ask a damn question b

 

[Rocket Scientist]

yes, there are write offs, but many people enjoy giving to others and the more you have, the more you can give. this is especially true for some of those who came from meager backgrounds and relied on publicly funded programs and resources and donations, they pay it forward

True many are write off tho

 

[R.E.N. Spells Ren]

I know some of these cats are genuine perhaps but how much are some of these tax write-offs?Not all of these athletes in it to help folks.Anyone know is there clause in contract for charitable contributions etc

At most, there's clauses in contracts for them to participate in team sponsored charitable events.

 

[R.E.N. Spells Ren]

True many are write off tho

It's always more financially beneficial to just keep the money and pay taxes on it than to give it away and write it off.

People take the tax write off when they do give, but no one gives to get the tax write off.

 

[Rocket Scientist]

It's always more financially beneficial to just keep the money and pay taxes on it than to give it away and write it off.

People take the tax write off when they do give, but no one gives to get the tax write off.

Damn I ain't know that,can't front I always wondered how these rich folks do it.

 

[Rocket Scientist]

At most, there's clauses in contracts for them to participate in team sponsored charitable events.

Now it makes more sense.Most of these athletes don't want a be building houses.

 

[HacksawJimThuggin]

It's always more financially beneficial to just keep the money and pay taxes on it than to give it away and write it off.

People take the tax write off when they do give, but no one gives to get the tax write off.

This isn’t necessarily always the case. I have a wealth adviser that refers me business who has a bunch of professional athlete clients and basically what he does for all of them is he sets up a 501 c3 organization, which is a non-profit entity that’s exempt from paying taxes. Then the athlete donates the money to their own charity in order to get the write off. The charity will employ the athlete’s friends or relatives, in addition to having some charitable effect. But the athlete gets the write off when they donate to their charity and then the charity is exempt from paying taxes, so it basically allows them to funnel money through there.

 

[ryderldb]

Im pretty cynical. I think every athlete created charitable organization is a tax shelter.

 

[LebronsJumper]

Nvm already been discussed above