Tax write offs

[grunewar]

Keep all of your receipts and track your mileage.

While I'm sure I don't make near the $ some of these folks do, I use a Schedule C.

See a Tax Accountant if you really have questions.

[Coltdoggs]

Indie Contractors yes...if you get 1099 from the leagues/schools/associations you work. I believe the amount earned of $600 or more from one will land you a 1099 in which you must report it and if that's the case, see if your tax person will include stuff I list below...

My tax lady writes off my mileage, expenses related to uniform (shoes, shirts, pants, knee brace ). I'm guessing travel expenses could be included but I've never gone far enough that an overnight or meals were necessary for me to report.

[bob jenkins]

Originally Posted by Coltdoggs

Indie Contractors yes...if you get 1099 from the leagues/schools/associations you work. I believe the amount earned of $600 or more from one will land you a 1099 in which you must report it and if that's the case, see if your tax person will include stuff I list below...

You will get a 1099 if you earn more than $600 from any organization. You are required to report all the income, even if you don't get a 1099.

[Bearfanmike20]

Technically...

you can write off your computer if you buy a new one to use for keeping track of your books,

You can write of the area of your house that is your work space. Its done by square footage.

Any maintenace on your car... Deductable.

[jdw3018]

Originally Posted by Bearfanmike20

Technically...

you can write off your computer if you buy a new one to use for keeping track of your books,

You can write of the area of your house that is your work space. Its done by square footage.

Any maintenace on your car... Deductable.

While all these things have potential for deduction, they all come with pretty specific rules that you want to pay attention to.

Just as an example, maintenance on your car is only deductible if you are taking the "actual" cost route - for most officials, deducting mileage is a much more cost-effective way to go about your tax work.

Computers have specific depreciation rules you need to know, and the home office deduction is only applicable if the room you use for your office is only your office.

Be careful - keeping it simple and not getting audited will do you a lot more good than trying to squeeze blood from a turnip and getting flagged by the IRS...

[ca_rumperee]

up from 48.5 cents last year.

If you use this, it covers all costs relating to the vehicle... I can't claim the mileage AND the tune-up. The mileage rate includes the tune-up.

Wert.

[Bad Zebra]

By all means consult a professional before taking home office deductions. Specific criteria apply and a very big red flag for examiners once you mail it in.

[jdw3018]

Originally Posted by ca_rumperee

up from 48.5 cents last year.

If you use this, it covers all costs relating to the vehicle... I can't claim the mileage AND the tune-up. The mileage rate includes the tune-up.

Wert.

Yep...and for the return you're working on right now, use the 48.5. That covers the cost of fuel AND wear and tear, which is why rumperee is correct that you can't deduct mileage and your maintenance costs.

[vbzebra]

Originally Posted by bob jenkins

You will get a 1099 if you earn more than $600 from any organization. You are required to report all the income, even if you don't get a 1099.

This was my first year...I only did rec league and got under $600, so I won't need a 1099. I already filed my taxes and got my returns before my officiating check came in. Do I have to do another filing separate for this or would I be able to wait to do it for next tax year?

[bob jenkins]

Originally Posted by vbzebra

This was my first year...I only did rec league and got under $600, so I won't need a 1099. I already filed my taxes and got my returns before my officiating check came in. Do I have to do another filing separate for this or would I be able to wait to do it for next tax year?

I am not a tax accountant, but most taxpayers are on a cash basis, so you'd report the income in the year in which it was received. So, if you worked in 2007, but were paid in 2008, you'd report the income on your 2008 taxes (usually filed in 2009).

[vbzebra]

Originally Posted by bob jenkins

I am not a tax accountant, but most taxpayers are on a cash basis, so you'd report the income in the year in which it was received. So, if you worked in 2007, but were paid in 2008, you'd report the income on your 2008 taxes (usually filed in 2009).

Thanks for the help. I worked and was paid in 2008, so that mean's I'll file it in the 2009 taxes. I appreciate it!

[bob jenkins]

Originally Posted by vbzebra

Thanks for the help. I worked and was paid in 2008, so that mean's I'll file it in the 2009 taxes. I appreciate it!

You should file it on your 2008 taxes. You file your 2008 taxes in 2009 (usually).

[WhistlesAndStripes]

Originally Posted by bob jenkins

I am not a tax accountant, but most taxpayers are on a cash basis, so you'd report the income in the year in which it was received. So, if you worked in 2007, but were paid in 2008, you'd report the income on your 2008 taxes (usually filed in 2009).

As a CPA who at one time in my career did taxes, I can confirm that this is correct.