At Rallybound, we understand the importance of determining the Tax Deductible Amount for ticket/event fees and how it is integral to compliance with various regulations. To this end we’ve created the Rallybound Fair Market Value Calculator.
The Rallybound Fair Market Value Calculator provides an easy to use 5-step form to calculate the Tax Deductible Amount per individual Ticket.
To use the Calculator, create a new Ticket in the Ticket Builder section of the Campaign Admin Panel. Enter a Name, Description and Expiration Date if applicable and click the Fair Market Value Calculator button. This will open the calculator form in a pop-up with fields for all necessary information:
Step 1: Indicating the total expenses/values for each of the items in the list when applicable. Include an estimate for donated goods.
Step 2: Enter the total amount of anticipated guests.
Step 3: This field is auto calculated and not editable. It determines the Fair Market Value per person (Total Fair Market Value divided by Total Amount of Participants). This field will only populate if there are values for Step 1 & 2.
Step 4: Enter the amount you are selling this ticket for per person.
Step 5: This field is auto calculated and not editable. It determines the Calculated Tax Deductible Amount per individual Ticket. (Ticket Price per Participant minus Fair Market Value per Person.)
The Price, Tax Deductible Amount and Quantity fields on the Ticket will now be populated based on the values of steps 4, 5, and 2, respectively. To edit the value of these fields, launch the calculator again and edit them in their corresponding steps. Once a ticket has been purchased or reserved, the fields in the Fair Market Value Calculator are not editable. If information needs to change, we recommend deactivating the present ticket and creating a new one.
If you’d like the Fair Market Value Calculator enabled for one or more of your campaigns, please contact Rallybound Support.