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#1 Posted : Sunday, May 26, 2019 1:32:07 AM(UTC)

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Club treasurers contact ICLUBcentral with questions regarding whether certain club expenses should be entered as deductible expenses or non-deductible. In general, if an expenses is incurred for a product or service for the operation of the club, then it would be a deductible expense. This includes postage for mailing tax forms, accounting and tax software and an investment newsletter, if your club subscribes to one. Non-deductible expenses would cover items not required for the operation of the club. This would include food at meetings, flowers for a sick member or anything else not required to run the club.
Deductible expenses are passed through to the partners and they could deduct their share as miscellaneous deductions on their personal tax returns. This deduction was limited to the amount the total miscellaneous deductions was greater than 2% of Adjusted Gross Income (AGI). For investment club members this was usually a rare event that club expenses contributed to a personal deduction. In over 25 years as a club member I have been able to use it once and that was due to another unusual event.
The new tax law has made the categorization of club expenses as deductible or non-deductible moot. Expenses related to investment income are now not deductible at all. So until the law changes club treasurers can rest a bit easier as it will not really matter for tax purposes how you categorize club expenses. I would recommend still trying to adhere to the basic rules anyway as tax law is always subject to change.


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