I Don't Even Play An Accountant On Television ...
 

Are your referring to federal, state, county, or city, or borough taxes?

Speaking Federally
 

Dividends are currently taxed at lower rates than "regular" income. Dividends are currently taxed at 15% (5% for those in the lowest two tax brackets).

These rates are set to expire (and thus increase to a more complex and higher system) mid-season this year (12-31-08) unless an extension was passed that I'm not aware of.

edited to add: the changes to this have been complicated, I believe for 2008 the rate may be 0% for those in the bottom two tax brackets.

We all know the cuts wont be extended....because its the "fair" thing to do, economy be damned.

Big Brother, And BillyMac, Are Watching ...
 

If someone were cruising the internet and came across this portion of this thread, they would think that we were a bunch of accountants discussing tax laws. Can't you guys take this over to the CPA Forum?

I just took a quick look at some of the other Forums for the first time. Very interesting. I now know what the testing Forum is all about. I used to think that it was about various exams for officials. It's not. I found JugglingReferee practicing how to line out my quotes; Stat-Man practicing his keyboarding skills; and JugglingReferee, and w_sohl, learning how to add signatures. Over on the Feedback Forum I found Back In The Saddle asking if he could keep my quotes off his monitor by adding me to his ignore list. Wow. There sure is a lot of information out there on the internet. However, there is no Water Polo Forum. The ASPCA, PETA, and the Humane Society must have lobbied to keep it off.

Yes we can. :cool:

Aside from the current advantage of a lower tax rate, the other advantage is that you won't owe self employment taxes on that portion of the income.

That's where the big savings come in.

San Diego is usually a great city...
 

Oh man. I remember when this email started going around in the association. Some people shrugged it off, some ran out and bought their licence. I haven't done anything yet.

What really sucks is that each city requires you to have a licence and each city has their own fee for a licence. We work all over San Diego county which I believe has 12 cities in it, if not more. 12 times whatever the fee is equals a lot of money.

I am not buying one. I think it's ridiculous to not enforce this law for years, and then just becuase times are tight start to enforce it.

Oh Wait, That's Hawaii, Nevermind ...
 

"Book him, Dano!"

Talk about a great way to decimate the officiating ranks.

Agreed.....I take about 60 as a salary and the other 40 as a dividend.....works out ok, I hope

I operate my own business in my "regular" profession as well, so the S-Corp is the best way for me to go...I can't imagine it would be worth it for me to do it only for my officiating income.

Now, if I were officiating multiple sports all year round, high school, youth leagues, adult leagues, etc., or was heavy into college officiating where the income became substantial, then I could see it.

But, for the $2-3,000 minus expenses I currently make from officiating, it alone wouldn't be worth the extra bookkeeping hassles and fees.

Me too.

Unless You Meant 60% and 40% ...
 

Just basketball? $100,00.00? You must work some schedule.

He was talking in Yen.

As you know, hockey in King in Canada, and Toronto is a huge market. I've heard of some leagues that play until 2am - because ice time is so sought after. I had a tax friend tell me that Revenue Canada is having a trial program this winter where they're tracking how much money people make officiating hockey in the GTA. While I've never cared to see anything official on the topic, and it'd be silly for my friend to lie about it, it is scary ground for the rest of us here in Canada. Maybe I should pay attention to this topic.