Financial/Tax questions with starting my own youth baseball team?

Question

I am starting my own little league baseball team. When recieveing donations/sponsorship do I have to give a reciept or something for their tax write off? Dose their contribution qualify for a write off? Do I have to file with the IRS or anything? This only for 1 team and we are looking to get a total of $2000.00 to start. Any help would be appreciated. We are in Ohio if that matters.

Answer 1

You need to incorporate as a nonprofit to do it right. Talk to an accountant or try www.legalzoom.com for the forms, which they sell online. It will take some work, because then you will have to keep reporting to the government. It's asier to coach little league!

****************PS********************...

I think I misread your question. If you are starting a little league baseball team then the little league organization already has this all set up, and you should call them and they will tell you how to raise funds and keep records. For instance, if you started a Pop Warner football team, Pop Warner is the organization that is set up as a non-profit, not your individual team.

Answer 2

Yes - do give donors receipts acknowledging the amount they have donated.  They will be able to write it off on their returns.

Answer 3

Disclaimer:  I AM NOT A TAX PROFESSIONAL

In order for the donations to tax deductible, your organization must be registered as a legitimate non-profit organization with the IRS.  And yes they need the receipt for tax purposes.