Are You Ready? Personal Prep for Season

[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.