Comp winnings

Brewmaster · 08-19-2008, 03:48 PM

When you receive a check from a contest how do you go about depositing that money when the check is made out to your team name. My bank is telling me I need to setup a business account in that name. I'm not sure I want to do this for tax purposes. Sounds like a pain.

Just curious if there is a work around.

Cheers,
Nate

Big George's BBQ · 08-19-2008, 03:51 PM

It has only happend to me twice but I never had a problem with my bank. I just endorsed it- team name and my name. I do have a business card that my son got

Ashmont · 08-19-2008, 03:53 PM

At our contest I think our money man asked who to make the check out. Smaller prizes we gave cash. You might be able to ask the organizer to cut a new check. That would be a pain.... Or give it to me!!!

Brewmaster · 08-19-2008, 03:57 PM

Quote:

Originally Posted by Big George's BBQ

It has only happend to me twice but I never had a problem with my bank. I just endorsed it- team name and my name. I do have a business card that my son got

I have never had a problem in the past either. I assume the size of the check is the issue now.

goodsmokebbq · 08-19-2008, 04:03 PM

Wish I had that issue...

Scottie · 08-19-2008, 04:06 PM

I have an account set-up in my BBQ team name. It also has my name on it, so I never have a problem... It is also a business account.

EarlyBird · 08-19-2008, 04:08 PM

I just write "For Deposit Only" on the back and they've always taken it no questions asked.

Chris

VA BBQ PIRATES · 08-19-2008, 05:29 PM

When I got my 1st check I took it to the bank and asked them what would be the best way to handle it. We set up a non-profit business acct with my name and the team name on it.
Tom

Alexa RnQ · 08-19-2008, 05:31 PM

On the occasions where a prize check has been written in the team name rather than to VQ, he's simply endorsed and deposited it with no problem. It is time for the team to get its own account, though, since BBQ is pretty much paying for itself it's time to simplify recordkeeping.

We did know of one other person whose bank would not deposit a check made out to "BBQ Winner". Apparently the problem was they had the good sense to realize he couldn't possibly have finished in the money.

swamprb · 08-20-2008, 06:02 AM

I teamed up with another guy and we had to come up with a team name, so we took the first word of our respective team names to come up one. When we came in Third Place and accepted our winning check we heard others complaining about theirs not being made out to the head cook. We requested a seperate checks made out to each of us divided equally. Been over three weeks and last I heard it was "in the mail". Hope I don't get screwed on this!

Big George's BBQ · 08-20-2008, 06:10 AM

Never make receiving a check too complicated. It is easier to divide the money in half after it is cashed. If you have a business account you may also mhave a tax deduction- probably would need to do some catering

smknwhlswife · 08-20-2008, 06:25 AM

Our bank won't take the check if it is made out to our team name. We do have a BBQ account in another bank near my bother-in-law (he was the one who set it up), but it is about an hour away from us. We try to catch it while we are at the contest and ask them to write a new check, but if we don't we make the hour trip to take care of it.

Spydermike72 · 08-20-2008, 08:06 AM

This is simple and you dont need a business account, unless you are going to be depositing a lot of checks... Just add your team name to your checking account. I work in the Banking industry and unless your local bank has particular rules about this. You could always switch to a Credit Union and get better service and better rates!!!

Brewmaster · 08-20-2008, 08:29 AM

This sounds like a great option. I will check with my bank and see if they will allow me to add this. Thanks.

Nate

Quote:

Originally Posted by Spydermike72

This is simple and you dont need a business account, unless you are going to be depositing a lot of checks... Just add your team name to your checking account. I work in the Banking industry and unless your local bank has particular rules about this. You could always switch to a Credit Union and get better service and better rates!!!

The Anchorman · 08-20-2008, 08:35 AM

Quote:

Originally Posted by Scottie

I have an account set-up in my BBQ team name. It also has my name on it, so I never have a problem... It is also a business account.

I have the same thing. It works just fine.

08-19-2008, 03:48 PM	#1
Brewmaster is One Chatty Farker Join Date: 07-05-07 Location: St. Louis Downloads: 0 Uploads: 0	Comp winnings When you receive a check from a contest how do you go about depositing that money when the check is made out to your team name. My bank is telling me I need to setup a business account in that name. I'm not sure I want to do this for tax purposes. Sounds like a pain. Just curious if there is a work around. Cheers, Nate __________________ FEC-100 PG-500 Large Egg Weber Ranch Kettle BBQ070 (Lil Tex) BBQ075 (Texas) UDS

08-19-2008, 03:53 PM	#3
Ashmont Babbling Farker Join Date: 12-13-05 Location: St. Louis MO Downloads: 0 Uploads: 0	At our contest I think our money man asked who to make the check out. Smaller prizes we gave cash. You might be able to ask the organizer to cut a new check. That would be a pain.... Or give it to me!!! __________________ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Ashmont Proud member of Brethren Weber's for life (Rescued 7 kettles in 2007, 1 in 2008, 2 in 2009 and 1 in 2010 Three of which I have and 8 that have gone to Brethren. PM me to get on the waiting list) Weber Kettle Dabomb Weber Kettle Justintime Weber Kettle (Yet to be named by Daughter) Evil Twin Suggested! Weber Kettle Grace WSM "Winni" WSM "Dumas" One Smokey Joe UDS "Peggy Sue" http://ashsmoderndayclubhouse.blogspot.com/

08-19-2008, 04:03 PM	#5
goodsmokebbq is one Smokin' Farker Join Date: 09-17-07 Location: Rochester, NY Downloads: 0 Uploads: 0	Wish I had that issue... __________________ Brian "Technical skill is mastery of complexity while creativity is mastery of simplicity." Christopher Zeeman http://www.goodsmokebbq.com http://www.roccityribfest.com http://www.nybbqchamp.com Weber Performer, Red Weber Curb Rescue, Smokey Joe Upgraded Backwoods Party, 22" WSM AKA "Token"

08-19-2008, 04:06 PM	#6
Scottie Babbling Farker Join Date: 11-03-06 Location: Chi-Town Downloads: 0 Uploads: 0	I have an account set-up in my BBQ team name. It also has my name on it, so I never have a problem... It is also a business account. __________________ cancersuckschicago.com FROM SEA TO SHINING SEA BBQ TOUR Red Jambo one off FE 100 FEC 100 WSM Homer Simpson 22 " Weber Kettle Red 18 1/2" Weber Kettle Black 26 3/4" Weber Kettle

08-19-2008, 05:31 PM	#9
Alexa RnQ is One Chatty Farker Join Date: 09-12-07 Location: the Ninth Ring of Hell, cleverly disguised as Phoenix Downloads: 0 Uploads: 0	On the occasions where a prize check has been written in the team name rather than to VQ, he's simply endorsed and deposited it with no problem. It is time for the team to get its own account, though, since BBQ is pretty much paying for itself it's time to simplify recordkeeping. We did know of one other person whose bank would not deposit a check made out to "BBQ Winner". Apparently the problem was they had the good sense to realize he couldn't possibly have finished in the money. __________________ . . Don't practice until you get it right; practice until you can't get it wrong. Don't overthink or undercook. Rhythm 'n QUE

08-19-2008, 03:51 PM	#2
Big George's BBQ somebody shut me the fark up. Join Date: 02-07-08 Location: Phoenixville, PA Downloads: 0 Uploads: 0	It has only happend to me twice but I never had a problem with my bank. I just endorsed it- team name and my name. I do have a business card that my son got

08-19-2008, 04:08 PM	#7
EarlyBird On the road to being a farker Join Date: 09-25-06 Location: Overland Park, Ks Downloads: 0 Uploads: 0	I just write "For Deposit Only" on the back and they've always taken it no questions asked. Chris

08-19-2008, 05:29 PM	#8
VA BBQ PIRATES On the road to being a farker Join Date: 05-08-07 Location: Springfied, VA Downloads: 0 Uploads: 0	When I got my 1st check I took it to the bank and asked them what would be the best way to handle it. We set up a non-profit business acct with my name and the team name on it. Tom

08-20-2008, 06:02 AM	#10
swamprb somebody shut me the fark up. Join Date: 10-27-06 Location: Bothell WA Downloads: 0 Uploads: 0	I teamed up with another guy and we had to come up with a team name, so we took the first word of our respective team names to come up one. When we came in Third Place and accepted our winning check we heard others complaining about theirs not being made out to the head cook. We requested a seperate checks made out to each of us divided equally. Been over three weeks and last I heard it was "in the mail". Hope I don't get screwed on this! __________________ Brian - Left Hand Smoke BBQ PNWBA 2010 Team of the Year BGE's/WSM's/BWS Gater/BDS Clones/Weber Performer w EZ-Que/Cajun Bandit/Rib-O-Lator Test Pilot/La Caja China/BBQ Guru/Weber 1000 RK Drum Coffee Roaster Follow Left Hand Smoke on Facebook!http://www.facebook.com/pages/Left-H...462391?sk=wall KCBS CBJ/PNWBA CBJ www.pnwba.com

08-20-2008, 06:10 AM	#11
Big George's BBQ somebody shut me the fark up. Join Date: 02-07-08 Location: Phoenixville, PA Downloads: 0 Uploads: 0	Never make receiving a check too complicated. It is easier to divide the money in half after it is cashed. If you have a business account you may also mhave a tax deduction- probably would need to do some catering

08-20-2008, 06:25 AM	#12
smknwhlswife is One Chatty Farker Join Date: 09-05-06 Location: Kansas City, KS Downloads: 0 Uploads: 0	Our bank won't take the check if it is made out to our team name. We do have a BBQ account in another bank near my bother-in-law (he was the one who set it up), but it is about an hour away from us. We try to catch it while we are at the contest and ask them to write a new check, but if we don't we make the hour trip to take care of it. __________________ Kim Wife of HoDeDo Smoke On Wheels www.smokeonwheels.com Yoder Cookers YS-640 & YS-480 / FEC-100 Fast Eddy + Q-Kitchen / Big Green Egg / $25 Hasty-bake Model 410 / Weber Kettles

08-20-2008, 08:06 AM	#13
Spydermike72 Babbling Farker Join Date: 07-17-06 Location: Flushing Michigan Downloads: 0 Uploads: 0	This is simple and you dont need a business account, unless you are going to be depositing a lot of checks... Just add your team name to your checking account. I work in the Banking industry and unless your local bank has particular rules about this. You could always switch to a Credit Union and get better service and better rates!!! __________________ Mike Rubbed,Smoked, and Sauced BBQ Team Powered by Bar's Leak and Rislone RSSBBQ.COM Backwoods Competitor Backwoods Party Ranch Kettle,Weber Performerl Certified Moink Baller President of the Great Lakes BBQ Association For those who fought for it, freedom has a flavor the protected will never know

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