Tax Season

[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)?

[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

[jdmara]

BTW, I was wondering when this topic would surface

-Josh

[bbcof83]

Thanks Josh, that was a very helpful post.

[Mark Padgett]

Originally Posted by jdmara

As someone stated perviously

Freudian slip?

[jdmara]

Originally Posted by Mark Padgett

Freudian slip?

Wow...That was...Good catch

-Josh

[EIA REF]

My tax guy suggested also deducting my cell phone as a business phone. I purchased a GPS devise last year as well for getting to games and put that in as a deduction for expenses.

Lots of officials in the area do not record any income from games for taxes. I would not be to worried about those of us that may do it incorrectly. We can always point the finger to those who don't do it at all.

I have listed my income and expenses for taxes 7 years now. It seems to work.

[FBullock]

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)?

I'm not a CPA (but I did stay at a Holiday Inn Express) but my accountant deducts all those things. There are some special rules on meals and what you can deduct, if you stayed overnight, etc. I keep a log sheet in my planner and transfer it to an Excel spreadsheet and e-mail it to my account. He likes that because he can sort it, etc. and the number total them selves. It also helps that my account was the H on my Div III football crew for about 5 years.

He keeps me out of trouble

[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.

[mbyron]

Originally Posted by Mark T. DeNucci, Sr.

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.

Hmm, I might be thinking of local tax, which is freshest in my mind. Never mind that part...

[Johnny Ringo]

Originally Posted by mbyron

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.

You made $8k and after expenses made only $487?