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Old Fri Feb 05, 2016, 10:34am
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Tax Season

Somebody school me... report/not report? Is there a dollar value per school that one would need to make before reporting?
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Old Fri Feb 05, 2016, 10:42am
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Theoretically/ethically....$1
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Old Fri Feb 05, 2016, 11:11am
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You should report all your income -- whether paid by cash or check; or from the school or the association / assigner; whether you get a 1099 or not.

you should also deduct all your expenses.

In general, it's far worse to under-report your income than it is to over-report your expenses
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Old Fri Feb 05, 2016, 10:22pm
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Originally Posted by Altor View Post
Theoretically/ethically....$1

Yes. But, for purposes of knowing what the amount is for which an individual employer must report your income to the IRS, I think it's $600/yr. Any CPAs out there to confirm?


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Old Fri Feb 05, 2016, 11:25pm
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Yes. But, for purposes of knowing what the amount is for which an individual employer must report your income to the IRS, I think it's $600/yr. Any CPAs out there to confirm?


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We are still responsible for reporting any income, 1099 or not.

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Old Sat Feb 06, 2016, 03:25am
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Originally Posted by crosscountry55 View Post
Yes. But, for purposes of knowing what the amount is for which an individual employer must report your income to the IRS, I think it's $600/yr. Any CPAs out there to confirm?


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Federal, yes, it is $600. But, it isn't an employer. If so, you'd get a W2 and not a 1099. That is the cutoff where they are required to file one, but they may file one for smaller amounts.
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Old Sat Feb 06, 2016, 08:13am
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If you had more than $400 of income before expenses you may be required to pay SECA. That is 400 total, not just from 1 school/payer. You're going to need a schedule C and a schedule SE. If you are one of those who work tons of games, you may even be required to pay quarterly tax estimates.

Be careful with your business expenses for officiating. If audited you will probably lose most of the write-offs without very good substantiation.
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Old Sat Feb 06, 2016, 08:45am
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Originally Posted by Reffing Rev. View Post
If you had more than $400 of income before expenses you may be required to pay SECA. That is 400 total, not just from 1 school/payer. You're going to need a schedule C and a schedule SE. If you are one of those who work tons of games, you may even be required to pay quarterly tax estimates.

Be careful with your business expenses for officiating. If audited you will probably lose most of the write-offs without very good substantiation.

It is not $400 income before expenses but taxable profit after expenses.

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Old Sat Feb 06, 2016, 09:25am
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Federal, yes, it is $600. But, it isn't an employer. If so, you'd get a W2 and not a 1099. That is the cutoff where they are required to file one, but they may file one for smaller amounts.
I have heard or read (but do not know for sure) that some entities are required to report all payments to the IRS, but they only are required to send a 1099 to the taxpayer if >$600. It doesn't matter to me what they do -- I know what I do.
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Old Sat Feb 06, 2016, 10:05am
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Originally Posted by mrroberts View Post
Somebody school me... report/not report? Is there a dollar value per school that one would need to make before reporting?
Everything should be reported.

Checks
Refpay
Cash
Payments in kind

All of it, regardless of amount.

Any 1099s you receive should be extraneous information.
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Old Sat Feb 06, 2016, 11:01am
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Just got my 1099 from ArbiterPay recently.

I laughed cause I know there are officials out there that were really p'ed off to receive such a thing.
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Old Sat Feb 06, 2016, 11:19am
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you should also deduct all your expenses.
Dues, fines, insurance, camps, mileage (games, meetings, camps), equipment (whistles, lanyards, bag, etc.), uniforms, shoes, books, DVD's, etc.

Wait. I'm being told ... No profit over expenses? Are you sure? Dang it. I've got to get a better schedule.
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Last edited by BillyMac; Sat Feb 06, 2016 at 11:29am.
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Old Sat Feb 06, 2016, 01:11pm
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Also, I'm not sure what defines a hobby, (something you do other than your primary job?) but in the past I've been told, if a hobby makes money, it is taxable, but if it loses money, it is not deductible.
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Old Sat Feb 06, 2016, 01:17pm
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A second job isn't a hobby. A hobby is something you do with no expectation or history of making money.
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Old Sat Feb 06, 2016, 01:22pm
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A second job isn't a hobby. A hobby is something you do with no expectation or history of making money.

Exactly


Quote:
Originally Posted by Rich
I just drove 160 miles roundtrip last night for $50. I'm not in this for the bucks
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