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Originally Posted by MadCityRef
Whenever my wife comments that I work a lot of games, I remind her of the tax deduction every year. I'm always in the negative because of the mileage.
(  , that could be a selling point to get more officials.)
If you do make a profit, you also need to pay the Self Employment Tax.
Mileage to/from meetings, clinics, games. Percentage of the cel phone bill and internet. Video tapes/dvds, Datebook, Ref magazine/NASO, Dues and fees, Tolls, Gear. (I have an office too.)
It adds up. Have receipts.
My next license plate:: SHDL C ROX |
Always in the negative because of the mileage? Are you kidding me? I don't see how this is possible.
As a CPA, I won't give any specific tax advice here, but what I will say is, be very careful about which advice from this board you follow. Some of it is good. Some of it is not so good. Just make sure that it will pass scrutiny in the event of an audit. The best way to be sure of that is to pay someone lots and lots of money to prepare your taxes for you. Mine were efiled last weekend, and I should be getting my nice fat check from Uncle Sam direct deposited next week.