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Concert-goer faces the tax music

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in Small Business Tax,Small Business Tax Deduction Strategies

Q. I have season tickets to the Boston Symphony. Can I deduct the cost as a charitable donation? J.B., Brookline, Mass.

A. No. Unlike a straight contribution to the symphony, you get no deduction for your payment because you’re receiving a benefit in return (i.e., enjoyment of the concerts).

However, if you can’t attend a particular performance and you hand in your ticket into the box office for the symphony to resell, you’re entitled to a deduction. Reason: You’re no longer receiving a benefit for your ticket.

Tip: To find the value of the contribution, simply divide the series total cost by the number of concert dates.

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