Thoughts Playing The Tips

from Golf Central Magazine - Vol 20 Issue 10

Freddy's Fairway

Tax season is almost upon us, and our minds are on the green—both our money and how we can get another round of golf in. There are still some tax breaks available that directly relate to our sport, as well as some potentially overlooked deductions that may help you save money so you can afford more time on the fairway. Although the Tax Cuts and Jobs Act of 2017 eliminated the deduction for entertainment expenses—and therefore you can no longer deduct golf club memberships, fees or dues—if you have a business or are self-employed filing Schedule C, remember that you can still deduct 50% of the cost of business meals held at a golf venue. Just make sure you can prove that the meal is for business purposes, and isn’t “lavish or extravagant.” Similarly, although the 100% business deduction is gone for charity golf events, you can still deduct part of your entry fees. The golf charity venue just needs to provide you with a receipt that shows how much the charity realized from your donation after deducting its costs for green fees, food, drink, and/or prizes and the like. Your follow through will be some accounting entries needed to document the tax-deductible portion of your payment, depending on the structure of your business (Schedule C, S-Corp, LLC, etc.) Some of the other potential tax deductions you may want to explore can potentially benefit your personal tax return. These include health savings account contributions, accounting fees, mortgage interest, claiming elderly parents as dependents, student loan interest payments, education expenses, traditional IRA contributions and more. Making money is important, but keeping it is critical. Just like working with a golf pro can help you reduce your golf handicap, working with a team of pros can reduce your tax burden. Both a CPA and a qualified financial advisor are recommended to help you save money on taxes now, and create a plan to mitigate taxes in the future. There are no mulligans when it comes to your finances. For more information about how to tee up a plan to fund your life’s passions, hobbies and long-term dreams, contact Allan Duncan, Independent Wealth Advisor at 800-871-1219 EXT 7 or email Allan@scarletoakfs.com. Advisory services offered through Capital Asset Advisory Services, LLC, a Registered Investment Advisor. This material has been prepared for informational purposes and is not intended as tax or accounting advice. Please consult tax or accounting professionals for specific information regarding your individual situation.

Allan Duncan

To donate to the SFPGA Foundation, visit: https://www.sfpgagolf.com /get-involved/

The SFPGA Junior Tour membership encompasses Links, Prep, Challenge and Championship Tours. Members pay a $55 fee and receive access to tournaments and a new member kit. Register today!

sfpgajuniorgolf.com | 561 -729-0544

Championship Tour

T

Prep Tour

Challenge Tour

Links Tour

SINCE THE 1920s

Scotland’s oldest golf tour operator to provide our readers with unique and memorable golf experiences throughout the UK, Ireland and beyond. Be sure and mention code GC55 on all calls and correspondence to receive special Golf Central VIP service.