Tax Season

[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