![]() |
|
|
|||
IRS help
Okay guys, I need tax advise. In as much detail as you feel comfortable giving, how do you handle your referee income and deductions. Specifically, what expenses can you claim and how do you calculate them and keep track of them efficiently and accurately. I have not been doing a good enough job with this, and my day job has finally gotten to the point where I care a whole lot more. I appreciate your help with this. All tricks of the trade are welcome.
|
|
|||
Track your mileage to and from games, I believe the current rate is 48 cents a mile. Any equipment (whistle, shirt, shoes) and association fees are deductible.
I remember having a discussion with somebody on this forum trying to sell that his gym membership kept him in shape for officiating. Thin ice if you ask me.
__________________
Quitters never win, winners never quit, but those who never win AND never quit are idiots. |
|
|||
Quote:
__________________
"To learn, you have to listen. To improve, you have to try." (Thomas Jefferson) Z |
|
|||
Quote:
|
|
|||
As far as uniforms go you should be able to deduct your striped shirt. Your pants and shoes most likely are not deductable. Deductions for uniforms are only allowed if the uniform cannot be worn for any other purpose. Since the shirt really can't be worn for any other purpose, you can deduct it. However, black pants and black shoes can be worn for non-business purposes and are not deductible.
|
|
|||
I respectfully disagree. My patent leathers are used exclusively for refereeing, and I'm deducting them. Same with those awful polyester beltless pants.
On a side note. The Mileage rate just went to 48.5 cents per mile on January 1. During 2006, the rate was 44.5 cents per mile. |
|
|||
Quote:
2007 U.S. Master Tax Guide by CCH Publishing (The tax bible as far as many accountant's are concerned) "The cost and upkeep of a uniform, including laundering and cleaning, are deductible only if the uniform is required as a condition of employment and is not adaptable to general wear." The pants may be ugly but I'd lay odds that the IRS will find them to be adaptable to general wear. It's not how you use it; it's how it can be used. |
|
|||
I've been told by several people (and maybe even seen an article in Referee Magazine) that your mileage from work to the game site CANNOT be deducted, but the mileage from the game site to your home CAN be deducted. Either way, I would definitely check w/ an tax accountant as some of the suggestions listed previously seem to be liberal interpretations (from what I know) of the allowable deductions.....
|
|
|||
My Accountant Says ...
My accountant keeps it real simple. I give him the following information: total income from officiating, mileage for all games, scrimmages, meetings, clinics, and camps, cost of postage, cost of uniforms and equipment, cost of board membership, fees, and fines, cost of camps and clinics attended, additonal insurance not provided by our local board, and finally he allows me $5.00 per week for laundry.
Last edited by BillyMac; Mon Feb 12, 2007 at 08:01pm. |
|
|||
Quote:
|
|
|||
Quote:
where I'm gonna wear my black patent "leather" (read as PLASTIC) sneakers is a mystery to me
__________________
Joe |
|
|||
Depends on how you deduct your miles
If you go straight milage, I would say you cannot deduct your GPS. However, if you calculate your deduction as a percentage of your vehicle (15% of all miles go to ref games and camps), then all vehicle costs are deductible using that percentage. You get a better deal using straight mileage. The reason its so high is to incorporate repairs, tires, gas, and things like a gps.
__________________
Damain |
|
|||
Quote:
|
![]() |
Bookmarks |
|
|