tents for camping under $100 image
Maria
me and my sister are going to buy a camping tent for my dad on his birthday, we need a nice sized one (sleeps atleast 3) and it need to be under 100 dollars can you help?
Answer
walmart, target, big five, sport chalet, sports authority, dicks sporting goods, army navy stores. these all carry camping tents and supplies for under $100.
walmart, target, big five, sport chalet, sports authority, dicks sporting goods, army navy stores. these all carry camping tents and supplies for under $100.
Tax implications of collecting money for a group to be used for that groups camping trip.?
Jessi S
Myself and a group of friends are going on a camping trip in which we create a large elaborate camp with Moroccan tents for public spaces, a kitchen with prepared meals, generators, lighting, and rented moving trucks for transport.
I have been doing the collection for the money, and I've been storing it in a bank account. There are 40 people who will be paying into the camp fund, and who will be joining us on our elaborate camping trip.
Because I've been storing the money in a checking account I'm worried that there is going to be an IRS (and state) tax implication. Is there a way to pro actively protect myself from being taxed on this money which is not mine, and I am not using for any personal purposes? How much do I need to worry?
The checking account the money is in is ONLY being used for these camp funds. My personal funds have never commingled with these funds.
I am a member of the group that is going to be camping.
At no point would I ever consider these funds my own.
The bank account was opened by myself, but I added the camping trip's leader onto the account.
Answer
Everyone is pooling their money, and the money is being used for a specific event to the benefit of everyone who contributed. If the money collected is going into a checking account in your name, then it is considered income to you, and you are responsible for any tax liability. The bank is going to report the interest earned in your name, under your social security number, listing you as the owner of the account.
http://www.irs.gov/newsroom/article/0,,id=107817,00.html
If you don't think this is fair, at least one person agrees with you. His name is Willie Nelson who got hit for millions of dollars of taxes due relating to his Farm Aid concerts.
If the money is your bank account, then do not distribute 100% of the money. Your camping group will understand that the taxes due are an expense to be paid just as important, and legitimate as the moving van bills, generators, and tent rental. The IRS is using you and your tax return in order to collect the taxes due on the money, even if as you say, you do not consider the money as your own. If you don't report the money in the bank account as income, your risk is that it could show up in an audit, and penalites added to the tax due.
If the money goes into a "camp fund" checking account, that you started, in the name of the camping group, then the camping group is responsible for any tax liability.
Keep accurate records and make a final accounting report available to other members of the group showing the money that was collected and the expenses that were paid.
It might be good to register your group as a tax exempt Social Club, especially if your camping trip is an annual event.
IRS Publication 557:
http://www.irs.gov/pub/irs-pdf/p557.pdf
http://www.irs.gov/charities/nonprofits/article/0,,id=96189,00.html
http://www.irs.gov/charities/article/0,,id=96339,00.html
Look to the camping trip leader for guidance on this. If the leader's name is on the account, that person can withdraw any funds they wish at any time.
Talk to your bank, and consider placing the camping trip funds in an escrow account rather than a regular personal checking account in your name. An escrow account is used to "hold" money that doesn't belong to you, or money you are managing for others.
Everyone is pooling their money, and the money is being used for a specific event to the benefit of everyone who contributed. If the money collected is going into a checking account in your name, then it is considered income to you, and you are responsible for any tax liability. The bank is going to report the interest earned in your name, under your social security number, listing you as the owner of the account.
http://www.irs.gov/newsroom/article/0,,id=107817,00.html
If you don't think this is fair, at least one person agrees with you. His name is Willie Nelson who got hit for millions of dollars of taxes due relating to his Farm Aid concerts.
If the money is your bank account, then do not distribute 100% of the money. Your camping group will understand that the taxes due are an expense to be paid just as important, and legitimate as the moving van bills, generators, and tent rental. The IRS is using you and your tax return in order to collect the taxes due on the money, even if as you say, you do not consider the money as your own. If you don't report the money in the bank account as income, your risk is that it could show up in an audit, and penalites added to the tax due.
If the money goes into a "camp fund" checking account, that you started, in the name of the camping group, then the camping group is responsible for any tax liability.
Keep accurate records and make a final accounting report available to other members of the group showing the money that was collected and the expenses that were paid.
It might be good to register your group as a tax exempt Social Club, especially if your camping trip is an annual event.
IRS Publication 557:
http://www.irs.gov/pub/irs-pdf/p557.pdf
http://www.irs.gov/charities/nonprofits/article/0,,id=96189,00.html
http://www.irs.gov/charities/article/0,,id=96339,00.html
Look to the camping trip leader for guidance on this. If the leader's name is on the account, that person can withdraw any funds they wish at any time.
Talk to your bank, and consider placing the camping trip funds in an escrow account rather than a regular personal checking account in your name. An escrow account is used to "hold" money that doesn't belong to you, or money you are managing for others.
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Title Post: Where can i buy a camping tent?
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