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But only if it does NOT have a happy ending, ![]() MTD, Sr.
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Mark T. DeNucci, Sr. Trumbull Co. (Warren, Ohio) Bkb. Off. Assn. Wood Co. (Bowling Green, Ohio) Bkb. Off. Assn. Ohio Assn. of Basketball Officials International Assn. of Approved Bkb. Officials Ohio High School Athletic Association Toledo, Ohio |
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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? |
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Yom HaShoah |
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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.
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Cheers, mb |
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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)?
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![]() 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 |
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He keeps me out of trouble |
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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.
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Mark T. DeNucci, Sr. Trumbull Co. (Warren, Ohio) Bkb. Off. Assn. Wood Co. (Bowling Green, Ohio) Bkb. Off. Assn. Ohio Assn. of Basketball Officials International Assn. of Approved Bkb. Officials Ohio High School Athletic Association Toledo, Ohio |
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