"Keeping The Corvair Dream Alive!"

HOME          STUFF WE DO          EVENT CALENDAR          MEMBERS          CLUB HISTORY          LINKS

CORVAIR TAX DEDUCTIONS???

It's true, and it's just plain smart!

DID YOU KNOW...the average out-of-pocket cost of a typical car show, based on that same $20 Registration fee, is over $60?

DID YOU KNOW...the average out-of-pocket cost of a typical car cruise, based on a $20 Registration fee, is over $120?

DID YOU KNOW...you can deduct your out-of-pocket expenses if the above events are charity-based?

It's true!  This opportunity falls under the IRS guidelines for supporting registered 501(c)3 non-profit charitable programs.  Simply stated, if you participate in events such as those described above and the proceeds go to a registered charity hosting the event, you can deduct all (or at least a portion) of your reasonable out-of-pocket expenses associated with these events.  Of course, certain guidelines apply (it is the IRS after all).

This webpage offers an abbreviated explanation to help get you started.   See the "DETAILED INFORMATION" box at the bottom right for more specifics as well as some valuable printouts and Power Point presentation you can share w/ your local club.

While neither CORSA nor Vintage Corsa can officially endorse this tax strategy, it is legit, and you are encouraged to discuss w/ your own tax representative re: any questions you have.  How much can YOU save???

Wow, the money I save more than pays for my annual CORSA dues!
The chart below offers an overview of 2 charitable event scenarios where IRS tax deductions would apply, and is based on figures in the detailed spreadsheet at bottom right. Note the savings of over $145 - from just 2 events! 
CHARITABLE EVENT EXAMPLES
     
SCENARIO I - CRUISE   SCENARIO II - SHOW
         
Orig. Cost $124.30   Orig. Cost $63.13
Tax Savings $106.00   Tax Savings $39.50
Net Cost $18.38   Net Cost $23.63
         
% Savings 85.23%   % Savings 62.57%
         
 

General Guidelines for Charitable Deductions

- Expenses incurred while supporting 501c3 hosted events.
- Contributions must be made directly to qualified organizations.
- Direct out-of-pocket expenses are deductible. 
- Deduct only the difference between donation and stated value.
- Raffle or similar drawings are not deductible.
- Volunteer time is not deductible.
- Itemize Your Taxes (ie Long-Form).
- File deductions in same year they occurred.

Corvair Tax Deductions Are Good For…

YOU…You’re receiving federal tax relief while supporting worthwhile charitable causes.  This strategy actually rewards increased event participation.  The more you do, the more you save! 

THE CHARITY…You’re supporting and helping their cause.  Just make sure they give you a receipt!

THE CORVAIR…Corvair promotion is a simple by-product of your participation in these charitable events.  Be sure to take along some Corvair literature!

CORVAIR MEMBERSHIP & PROMOTION …Use your tax savings to underwrite your annual local chapter and CORSA dues!  Or buy some cool Corvair logo merch!

CORVAIR VENDORS…You can buy w/ even greater enthusiasm knowing that reasonable Corvair maintenance and car care expenses are tax deductable.

Hey, it's YOUR money...unless, of course, you Want Uncle Sam to keep it....

DETAILED INFORMATION HERE!
 
IRS TAX OVERVIEW...A 2-page breakdown of "Tips on Tax Deductions for Charitable Contributions" pulled direct from an IRS government website.  Includes 2009 Mileage allowances.
CORVAIR TAX DEDUCTIONS AND YOU...A Microsoft PowerPoint presentation that walks you through the Tax Deduction strategy.  A terrific chapter meeting AV feature.  Insert your own club's chapter logo.
EVENT COSTS W/ & W/O TAX DEDUCTIONS...A Microsoft XLS spreadsheet that offers detailed breakdowns of the 2 event scenarios mentioned above.  Includes both a general interpretation of IRS Tax Guidelines and a comparison from 4 independent tax experts.
 

DID YOU KNOW...the Corvair Preservation Foundation (CPF) is a registered 501(c)3 charitable organization.
Hmmm...maybe there should be an annual CPF-hosted event in your local club's future???

EMAIL US...Questions?  Ideas?  Comments about our website?  We look forward to hearing from you. 

   JOIN OUR CLUB     NEWSLETTER     FUN STUFF     CORVAIR HISTORY