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Quoted from luch:just thinking outside the box , and please don't beat me up , i mean no disrespect , but could selling some games off help ? used market is crazy high
Tim has been selling a few games locally. The games were either donated or duplicates.
I was new to the hobby when Tim graciously invited my wife and I to his house to see the collection in the tin shed. We were able to see both PHOF locations on separate trips prior to them being open to the public. Tim has been nothing but courteous, respectful, and funny during our encounters. We look forward to seeing the new location once we get to the other side of COVID. It will be easier to visit now as the new location is 10 minutes from home. Donation sent.
Quoted from unigroove:Being from Europe I'm not that familiar with the U.S. tax system, but I understood donations to PHOF are 100% tax deductible. Does that mean that a company that usually is paying $90,000 in taxes can donate 90K to PHOF and they don't have to pay taxes for that amount? If so, you'd expect there should be certain businesses that can easily solve the problem of the money that's still needed. Right?
In a very simplified explanation, charitable donations lower your taxable income. If your are paying 27% of your income in taxes, then your tax bill would be lowered by 27% of the amount of your donation. In your example, if you donated $90K your tax bill would be lowered by approximately $24,300. You would still owe $65.7K in taxes.
Quoted from dhard:Tim should have figured an extra 20% in the budget in the beginning which would have been 2 million dollars that would've covered unforeseen cost that's how I budget my projects and now pin purchases as prices for everything just keeps going up
Tim had a well thought out financial plan but COVID severely reduced their income, which had been stable for nearly 20 years.
Asking for assistance is pretty minor considering how much Tim has given back to the community through charitable contributions.
Looking forward to visiting the new location!
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