Tax Season

[mrroberts]

Somebody school me... report/not report? Is there a dollar value per school that one would need to make before reporting?

[Altor]

Theoretically/ethically....$1

[bob jenkins]

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

[BillyMac]

Originally Posted by bob jenkins

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.

[just another ref]

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.

[crosscountry55]

Originally Posted by Altor

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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[Raymond]

Originally Posted by crosscountry55

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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[Camron Rust]

Originally Posted by crosscountry55

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.

[Reffing Rev.]

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.

[Mark T. DeNucci, Sr.]

Originally Posted by Reffing Rev.

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.

MTD, Sr.

[bob jenkins]

Originally Posted by Camron Rust

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.

[Camron Rust]

Originally Posted by bob jenkins

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.

I file the 1099s with the IRS on behalf of many of my Reftown clients. None of them report anything for those making below $600. There may be some, but I haven't seen any.

There are a few who, in very special cases, have to report all income to a government entity. But it isn't the IRS. The ones I'm aware of are related to garnishments for various reasons and it is usually a state level entity.

There are some individuals who are subject to backup withholding. That may mean that person has to get a 1099 no matter how much they make. Maybe that is related to prior tax payment problems. Not sure...I don't have anyone in the ones I file subject to that.

[Adam]

Originally Posted by mrroberts

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.

[Rich]

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.

[Welpe]

Originally Posted by Rich

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.

I really do take more pleasure than I should from hearing officials whining about getting a 1099.

And Rev, I claim only sure thing expenses for officiating. I'm not worried about losing any deductions.