After reading that first line again, what you say makes sense. If this is so, however, this makes for a pretty complicated ownership scenario. I can't speak for NY, but a NJ corporation and/or LLC has to file with the state every year and pay $50 in "filing fees." It must also file a tax return every year, both federal and state. A real PITA. And you're right about taxation down the road, because the corporation will wind up owning the PSLs and will have a net worth of, say, $60,000. To then transfer shares of the company to your kids, for example, sets up a taxable event. It would be better to transfer the shares earlier rather than later, when the corporation owns and has paid for 100% 0f the PSLs. Also, the value of a writeoff to the company is nil since the corporation has no income to speak of. But the corporation that owns the tickets could be purchased by another privately held, family corporation (Garbonzo Electric or whatever) and then probably use it as somewhat of a writeoff as "travel and entertainment." Now you're filing double sets of returns though. Either way, I wouldn't be comfortable doing any of that without first seeking the advice of a tax attorney/financial planner, which is even more expense. The idea works, mind you, but it sounds pretty complicated and may not be worth all the BS you have to deal with.
Do you own your own business?? I'm just getting a Tech Consulting Biz off the ground, so I could add my PSL's as a deduction? For a potential client type of thing. This is my first time at starting???
Technically yes. But you need to be careful. You will need to be able to prove that a certain amount of revenue (and this is a real number the IRS determines each year) was generated through your bringing potential clients to the games.
I own rental property... two residentials and one commercial. The commercial property is in a Limited Liability Company which is owned by myself and my two kids. There's also a corporation that owns 1% of the shares in that LLC which had to be set up as a "management" company. In addition, one of the residential rentals is in the name of another LLC. It's kind of complicated, but to answer your question, yes, I guess I own my own business, even though I'm technically "retired" (HA!) at this point in my life. You could put those PSLs into your new company, I'm sure. I think you might want to set up an LLC for you consulting business. My 2nd choice would be an "S" corporation. The thing with regular corporations is, any profit it makes gets taxed. Then, when you pay yourslef a salary, YOU get taxed as well because it's considered wages and personal income. With an LLC, any income that the LLC makes is not a taxable event because an LLC is a Partnership and not a Corp. The money only gets taxed once, at the end of the year when it issues it's K-1s to you, the principle shareholder. So basically, you're taxed once with a partnership or LLC and twice with a regual Corp unless it is an "S." Now, as far as taking the deduction, Pats-Hater is right, be careful with how muchy you can write off. You can't go pounding your new company with tis heavy "travel and entertainment" expense or the IRS will audit you. IU'm assuming, because it's a new company, that it may not have a tremendous amount of revenue coming in at first, but for your sake, I hope it does. You need to get ahold of Nosajduhe or another attorney and have him set up the LLC first. Not a big deal. Then I'd consult with a decent tax advisor and see what he says about how much you'd be able to deduct off of any income that the LLC makes. But hey, it's a very good idea. My LLC has been paying for my JEts tickets now for a very long time. I have a company checkbook with the LLS logo on it and any "expenses" I have, including my Jets tickets, have been completely deductable from gross income. Looked at it that way, my $4800 for Jets tickets (after taxes) really cost 30%-35% less becasue of the reduced tax. In NJ, where we're the most heavily taxed state in the union, you'd be foolish to not seek out every legal opportunity to get whatever deduction you can. Thank God we got rid of Corzine the other day, maybe now we can reduce the size of government in Trenton and stop paying so much in taxes across the board.
^^^^ Thanks for the info!! We did set it up as a LLP. So hopefully I can generate enough income from this to justify the expense. Anyone need a consultant?? lol
This is an area that's best looked at by a decent, qualified accountant. There are percentages that they apply and use and they know what raises a red flag or doesn't. I would think though, that Rodimus' new Tech Consulting business is a natural for this kind of deduction. He needs to entertain potential clients in order to get their consulting business. It's a "people" business, which I think would shelter the deduction pretty well. They don't know or care who TF is sitting in the Jets seats and it's something they're never going to monitor. At least I hope not, our government is getting too big and intrusive with every passing day. But again, now that you have the LLP set up, check with an accountant on this. I hope you bought the PSLs in the name of your new LLP and not your own name individually, because that would help. But I've been taking the deductions even though the tickets have been in my own personal name, and it's all been perfectly legal. I don't think the IRS cares whose name is on the tickets but it's probably safer to have the tickets owned by the LLP.
Section 227, who would have thought this would have become the thread to post financial and legal advice ? Now let's get back to the serious business of trashing Woody !
Just curious, who on this site has the best seats in new stadium besides UD? Or did everyone go cheap route like me? Any Lower Sideline people between the 20's people row ten and down?
I got 131 row 8- I had 149 row 5, but changed a little while ago. Closest 5 grand to the 10 grand seats. Pretty much same view we have now.
So no one bought 144-133 or 108-118 sideline tickets? Were good rows not offered or did the 10K to 20K pls throw people for a loop?
The prices definitely didn't help. I've been sitting lower EZ for over 20 years and love the view. I've sat all around the stadium and I just like that the best. For me I just love seeing the play be executed from that angle. When I recently sat right on the 50 I didn't like the view when pertaining to seeing how the play progresses. 1 section over for double the PSL just wasn't worth it. I know others hate the EZ views but that's just my personal opinion.
Nine Seats Left Upper Deck Thought I would redeem myself by providing usefull information. As of 130 pm today only nine Non-PSL Seats left in stadium. All UD EZ, Three sets of three seats. Here are the exact seats left for sale. 328 Row 26 324 Row 25 322 Row 25 If you know anyone who wants a non-PSL seat in their own day I can pretty much say this is the last week you will have a chance.
All I heard was Jets side of lower level is starting to fill up but sill a lot of choices on visitors side of Lower Level. Hard to say with 4k and 5k PSLs lots of people moved to club and then people moved to better sections. Lots of activity but can't tell hom many are new sales. I thought it was important to post last nine seats, some people want seats in their name and I heard a decent amount of UD people may bail in 2011 so even if you are in bad seats in 2010 UD you got first shot at relocating when people bail out. Plus whole ticket exchange and senority thing.
Holy Shit!! I have a nugget of info but can't go into detail just yet. Will have more info tomorrow. It's a blockbuster to me but it is as everyone has guessed concerning availability. Another thing, the ticket reps read this forum as well as JI so be careful what you post. Apparently they read all these ticket info forums.... interesting.
So what's the BOMBSHELL???? This will be Bombshell #2 on this thread, and we'll all waiting in anticipation...
Jets are supposed to announce a blockbuster regarding poor PSL sales and new pricing. The SOBs are awaiting to do it while Yankee parade is on so no one notices. Kinda like Goldman last year doing lay-offs day before Thanksgiving as they knew most papers don?t publish on Thanksgiving and by the next Monday when everyone is back at work it it would be old news.
