Are You Ready? Personal Prep for Season

[Camron Rust]

Originally Posted by Kansas Ref

4. get a folder for all the reciepts from gas, food, uniform items so that my deductions for taxes are organized and documented.

Do you not just take the mileage deduction? Or do you use that car strictly for officiating and document all expenses related to the car?

Note that you can't legally deduct the gas AND take the mileage deduction.

[Kansas Ref]

Originally Posted by Camron Rust

Do you not just take the mileage deduction? Or do you use that car strictly for officiating and document all expenses related to the car?

Note that you can't legally deduct the gas AND take the mileage deduction.

*well mostly I use the standard deduction for mileage; but i like to keep track of my expenditure for gas when I'm on reffing missions--mainly to track my personal efficiency.
I must say that it was surprising to find that none of you guys /gals take advantage of the pre-game meals discounts available?! Or maybe someone just has not posted on it yet.

[Rich]

Originally Posted by Kansas Ref

*well mostly I use the standard deduction for mileage; but i like to keep track of my expenditure for gas when I'm on reffing missions--mainly to track my personal efficiency.
I must say that it was surprising to find that none of you guys /gals take advantage of the pre-game meals discounts available?! Or maybe someone just has not posted on it yet.

We arrive about 6:15PM for varsity games. I eat a late lunch and light dinner after the game. I don't ref after eating a meal.

[Mark T. DeNucci, Sr.]

Originally Posted by Camron Rust

Do you not just take the mileage deduction? Or do you use that car strictly for officiating and document all expenses related to the car?

Note that you can't legally deduct the gas AND take the mileage deduction.

Years ago, I tracked every automotive expense that would be taxable under the actual expenses deduction for both of our cars because there were times I used my car and times when I used my "better half's" car. Unless you are replacing the transmission in every month that has 30 days; replacing the engine in every month that has 31 days; and replacing the tie-rods and brakes in the month that has 28 or 29 days, one's actual expenses cannot come close to the Federal mileage deduction.

For the year that I traced my expenses, my actual expenses came out to be only 55% of the Federal mileage deduction. You cannot beat the mileage deduction.

MTD, Sr.

[Camron Rust]

Originally Posted by Mark T. DeNucci, Sr.

Years ago, I tracked every automotive expense that would be taxable under the actual expenses deduction for both of our cars because there were times I used my car and times when I used my "better half's" car. Unless you are replacing the transmission in every month that has 30 days; replacing the engine in every month that has 31 days; and replacing the tie-rods and brakes in the month that has 28 or 29 days, one's actual expenses cannot come close to the Federal mileage deduction.

For the year that I traced my expenses, my actual expenses came out to be only 55% of the Federal mileage deduction. You cannot beat the mileage deduction.

MTD, Sr.

I'm guessing that if you also included the cost of buying the car somehow, you'd come to that amount. There is plenty of fleet data out that that documents the cost of driving and when all costs are considered, it is often greater than the federal allowance, depending on the specific model. Older cars typically cost less than new cars.

[Mark T. DeNucci, Sr.]

Originally Posted by Camron Rust

I'm guessing that if you also included the cost of buying the car somehow, you'd come to that amount. There is plenty of fleet data out that that documents the cost of driving and when all costs are considered, it is greater than the federal allowance.

It was explained to me that the federal allowance takes into account depreciation. Don't ask me how, just that it is supposed to take it into account. But the federal allowance is still a good deal.

MTD, Sr.

[Camron Rust]

Originally Posted by Mark T. DeNucci, Sr.

It was explained to me that the federal allowance takes into account depreciation. Don't ask me how, just that it is supposed to take it into account. But the federal allowance is still a good deal.

MTD, Sr.

The allowance is a good deal much of the time. It is certain far easier than the alternative. The alternative could be better for someone who is self-employed such that they use the care almost exclusively for business where all of the costs would be a business deduction.

And the allowance does include depreciation, but no two cars depreciate the same. A person who drives an expensive gas guzzling car, if they tracked all expenses including depreciation, would easily be able to beat the allowance while someone who drives an inexpensive and efficient car would do better with the allowance.

As my prep I'm actually reading the rulebook this year instead of just reading situations on here to find out the rules.

In all seriousness I am reading the book from front to back which I haven't done in a couple years. It's amazing the little stuff you find!

[SE Minnestoa Re]

I have two state licenses for my real job. An income tax violation can result in a revocation of both of those licenses. I can't remember the last time I did not have a profit from officiating and I claim everything appropriate. However, I work varsity only and the paychecks are higher than B squad and the travel is the same.

I will continue to pay my income taxes and be glad that I have been able to officiate for over 30 years and still think its a good gig.