Competitive Figure Skating requires year round on and off-ice training and becomes more expensive as an individual advances. Many talent skaters need to acquire additional financial aid in order to make the progress necessary to compete at the high levels.
There are two types of sponsorships athletes can obtain to help subsidize training and competition expenses
Private Sponsor/Donor-Tax Benefit? No. If the sponsor is a private person wanting to assist the athlete with his or her expenses, you can not get a tax benefit for sponsoring/supporting.
Corporate/Business Sponsor-should to talk to its accountants to find out the best way for it to handle the sponsorship. One option for a business to get tax benefits from a sponsorship is to use the athlete as an advertisement, since advertising can be a tax write-off for a business.
Examples of how to do this is having the athlete carry a duffle bag with the business logo on it, or the athlete can wear a warm-up suit with the logo on it. These are just ideas; the best suggestion is to have the business check with its accountants regarding the specific laws and regulations.
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