Tax Season

[dweigs]

Hey Guys and Gals,

As tax season has come and is almost gone I just had a few questions for you officials and how you go about doing your taxes. I myself received two 1099's from two different schools because I worked at those places a lot during the seasons of football, softball, basketball, and now some baseball. Being that we have to claim that as income during tax time, what do you guys write off during taxes? Do you keep track of mileage? What are your expenses? Basically im trying to think of ways to save myself some money come tax time next year.(Im a college student also with another part time job, money means a lot!) Thanks in advance!

[grunewar]

An oft asked question this time of year. Save everything - mileage receipts, expenses for uniforms, training, books, etc. I see a tax accountant and let him worry about it.

One sad thing about taxes is....you really find out just how little you actually make after you see how much you actually spent....

[BillyMac]

My accountant asks for, and I provide, the following information: total income; total dues, fees, fines, insurance, etc.; total round trip mileage from home to all games, scrimmages, meetings, clinics, camps, etc.; total equipment purchases (uniforms, shoes, whistles, etc.), he allows me $5.00 per week for laundry.

I'll check with him to see if I missed something. I'll see him Sunday. It's visiting day at the prison. That reminds me. I need to bake a cake, and buy a file. He's a great accountant. He use to work for the firm of Cook, Books & Hyde. He recently took a position at the firm of Dewey, Cheatam & Howe.

[Indianaref]

I think you can deduct massages.

[Mark T. DeNucci, Sr.]

Originally Posted by Indianaref

I think you can deduct massages.

But only if it does NOT have a happy ending, .

MTD, Sr.

[Indianaref]

Originally Posted by Mark T. DeNucci, Sr.

But only if it does NOT have a happy ending, .

MTD, Sr.

But only if she is wear a blue dress.

[Camron Rust]

Originally Posted by dweigs

Hey Guys and Gals,

As tax season has come and is almost gone I just had a few questions for you officials and how you go about doing your taxes. I myself received two 1099's from two different schools because I worked at those places a lot during the seasons of football, softball, basketball, and now some baseball. Being that we have to claim that as income during tax time, what do you guys write off during taxes? Do you keep track of mileage? What are your expenses? Basically im trying to think of ways to save myself some money come tax time next year.(Im a college student also with another part time job, money means a lot!) Thanks in advance!

You imply above that not receiving a 1099 means you don't have to claim income during tax time. If that is so, you are mistaken.

Even if you only worked once at a school and only earned $10 from them, you have to claim it on your taxes. Income is income. How much only affects when the paying party must file a 1099...not its taxibility.

[Mark Padgett]

Originally Posted by Indianaref

I think you can deduct massages.

That's why I got Bambi a federal tax ID number.

[bbcof83]

I am pretty new to all of this. First post, have been reading for a few months.

So next year I need to claim the income on my taxes from each different school/district? Even though I only made like $1000 from games in 2009? Could the IRS audit me for this if I don't? How would the IRS even know if I made less than a couple hundred bucks at any given school and the school didn't report it?

The schools report everything, so it's a safe bet to report any income, especially if you filled out any paperwork, i.e. payment voucher, contract, or W-9.

[Mark Padgett]

Originally Posted by bbcof83

I am pretty new to all of this. First post, have been reading for a few months.

So next year I need to claim the income on my taxes from each different school/district? Even though I only made like $1000 from games in 2009? Could the IRS audit me for this if I don't? How would the IRS even know if I made less than a couple hundred bucks at any given school and the school didn't report it?

Yes, yes and yes. As to your final question, do you really want to take the chance of winding up at Gitmo?

[mbyron]

Originally Posted by bbcof83

How would the IRS even know if I made less than a couple hundred bucks at any given school and the school didn't report it?

That's not really the question. The question is: are you OK with losing your license and never officiating again after you're convicted of felony tax evasion?

I made $8K+ officiating last year, reported all of it, and reported net income of $487 (after expenses). In 2007 I had a $900 loss, which carried over, so I'm paying no tax on my 2008 income.

If I were, the tax on that couldn't be more than $200, no matter what my bracket. If I were college-aged, the tax would probably be $0-$100. Fewer than 4 game fees, big whoop.

The risk/benefit ratio for not paying is very bad, IMO.

[bbcof83]

OK, thanks for the input guys. So I only have to claim my net income, meaning my revenue minus my expenses? What is the mileage rate given by the IRS? Also, can anyone confirm it's ok to claim camp expenses (fees, hotels, mileage, etc)?

[Mark T. DeNucci, Sr.]

Originally Posted by mbyron

That's not really the question. The question is: are you OK with losing your license and never officiating again after you're convicted of felony tax evasion?

I made $8K+ officiating last year, reported all of it, and reported net income of $487 (after expenses). In 2007 I had a $900 loss, which carried over, so I'm paying no tax on my 2008 income.

If I were, the tax on that couldn't be more than $200, no matter what my bracket. If I were college-aged, the tax would probably be $0-$100. Fewer than 4 game fees, big whoop.

The risk/benefit ratio for not paying is very bad, IMO.

mbyron:

How did you carry over a loss on a Schedule C from one year to the next? That is a new one to me.

MTD, Sr.

[jdmara]

Originally Posted by bbcof83

OK, thanks for the input guys. So I only have to claim my net income, meaning my revenue minus my expenses? What is the mileage rate given by the IRS? Also, can anyone confirm it's ok to claim camp expenses (fees, hotels, mileage, etc)?

Post #19 Tax write offs The schedule C form is what needs to be filled out. Most tax programs do a fairly good job of walking you through it however. It must be noted (unless otherwise stated) that we are not tax accountants and we can't be held labile for audits here on the forum The easiest way I found it to be done is take it to a tax professional the first year. Then every year thereafter I just use that year's as a template on how to fill out the form. MTD Sr. did a great breakdown of everything in the link from last year (Thanks Mark)

As someone stated perviously, you must include ALL game fees as income. To my knowledge (or at least here in Iowa) all school report EVERY expense. They do that because they are audited every year. So if I wanted to know how much I made from a particular school, I can go on their public records website and find out through their spreadsheet. It's not worth it to get audited.

Here are the records I keep on my palm pilot (used a paper calendar before I got my palm): Contest information (site, schools, partner), round trip mileage, amount paid (contest and mileage fees), Paid or not paid, and other expenses. I also keep camp fees, hotel fees, food for overnight stays, insurance fees, licensing fees, etc as well on my palm pilot. These can all be included (see your local tax preparer for clarification). Periodically, I go through my calendar and make a handy spreadsheet for everything. Then when tax time comes around I have it all in one place.

My $0.02.

-Josh