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vbzebra Tue Jan 11, 2011 01:34pm

Tax question....
 
Just double checking (I actually think I asked this last year...if so, my bad)...

Camp fees are "tax-write-off-able", correct?

Indianaref Tue Jan 11, 2011 01:39pm

Quote:

Originally Posted by vbzebra (Post 714519)
Just double checking (I actually think I asked this last year...if so, my bad)...

Camp fees are "tax-write-off-able", correct?

Yes.

Now if we can just determine if massages are.:D

tref Tue Jan 11, 2011 01:42pm

With or without the happy ending? :D

BillyMac Tue Jan 11, 2011 02:34pm

It's To Cut The Cake, Officer ...
 
Quote:

Originally Posted by vbzebra (Post 714519)
Camp fees are "tax-write-off-able", correct?

I'll ask my accountants, Dewey, Cheatem & Howe, on Sunday. It's visiting day at the prison. That reminds me. I need to buy a file, and bake a cake.

Eastshire Tue Jan 11, 2011 02:41pm

Quote:

Originally Posted by vbzebra (Post 714519)
Just double checking (I actually think I asked this last year...if so, my bad)...

Camp fees are "tax-write-off-able", correct?

Generally yes, but consult your tax professional. I immediately have a handful of qualifications and caveats that come to mind.

Mark T. DeNucci, Sr. Tue Jan 11, 2011 04:05pm

Quote:

Originally Posted by tref (Post 714523)
With or without the happy ending? :D


Without. We all know that we don't officiate because of the tons of fun that we experience from the activity. :p

MTD, Sr.

Lcubed48 Wed Jan 12, 2011 08:36am

PM me, please!!!
 
Quote:

Originally Posted by vbzebra (Post 714519)
Just double checking (I actually think I asked this last year...if so, my bad)...

Camp fees are "tax-write-off-able", correct?

PM me your bank account information & pin number. I'll be happy to have my tax man look into it for you. We're having a beer summit on Sunday. We'll raise a glass to you. :cool:;)

ILRef80 Thu Jan 13, 2011 11:09am

Quote:

Originally Posted by Eastshire (Post 714561)
Generally yes, but consult your tax professional. I immediately have a handful of qualifications and caveats that come to mind.

Really? To me, camp fees are a no-brainer. The deductions I use are mileage (to games/camps/meetings), association dues, camp/clinic fees, and uniform/equipment purchases. I don't get into any of what I view as "gray area" deductions such as cell phone expenses, home office expenses, food, laundry etc...

mbyron Thu Jan 13, 2011 12:35pm

Quote:

Originally Posted by ILRef80 (Post 715373)
Really? To me, camp fees are a no-brainer. The deductions I use are mileage (to games/camps/meetings), association dues, camp/clinic fees, and uniform/equipment purchases. I don't get into any of what I view as "gray area" deductions such as cell phone expenses, home office expenses, food, laundry etc...

That's about my strategy too. I will also deduct assignor fees, but not everyone pays those.

Mark T. DeNucci, Sr. Thu Jan 13, 2011 01:24pm

Quote:

Originally Posted by ILRef80 (Post 715373)
Really? To me, camp fees are a no-brainer. The deductions I use are mileage (to games/camps/meetings), association dues, camp/clinic fees, and uniform/equipment purchases. I don't get into any of what I view as "gray area" deductions such as cell phone expenses, home office expenses, food, laundry etc...


ILRef80:

Why would you think that meals, laundry, etic, are gray areas. I agree that the home officie expense is an impossible standard to meet but not some of the other areas.

If you and your partner(s) eat together after the game and discuss rules and mechanics that makes the meal deductable. Think about all of the officiating laundry you do over the course of the year, go to a laundrymat and see how much it costs to wash (including soap, bleach, etc.) and dry just one load, and you have a good idea of how much you spend on laundry and then add drycleaning to that cost.

I am a member of NASO, so I also purchase the NASO Game Fee Replacement Insurance, and that is a dollar for dollar deduction.

If you have loan on the car that you use for officiating, the pro-rated amount of interest on the loan is an interesst deduction. The interest deduction is not covered in the mileage deduction.

MTD, Sr.

BillyMac Thu Jan 13, 2011 01:25pm

Seriously ...
 
Quote:

Originally Posted by ILRef80 (Post 715373)
Laundry

My accountant allows me $5.00 per week for laundering my own uniforms.

Mark T. DeNucci, Sr. Thu Jan 13, 2011 01:34pm

Quote:

Originally Posted by BillyMac (Post 715410)
My accountant allows me $5.00 per week for laundering my own uniforms.


Billy:

$5.00 per week. Surely (I am sorry Leslie), he can't be serious. Read my previous post about doing laundry at a laundrymat. You will spend about $5 per load (including soap and bleach), on average. And I am sure you don't wash your dark colored clothing with your light colored clothing. And then there is drycleaning. Permanent press slack are a fallacy. I have always drycleaned my basketball officiating and umpiring slacks.

MTD, Sr.

Camron Rust Thu Jan 13, 2011 01:39pm

Quote:

Originally Posted by Mark T. DeNucci, Sr. (Post 715409)
I also purchase the NASO Game Fee Replacement Insurance, and that is a dollar for dollar deduction.

It is highly doubtful that will ever pay for itself. With a RARE exception, you always spend more on insurance than the benefits you will ever receive. If that were not the case, no company could ever make a profit selling insurance.

Insurance should only be bought when you can't afford to take the loss yourself. For most people, losing a few game fees is not a major loss and certainly not worth the cost of buying the insurance year after year. Instead, just deposit the insurance premium in a savings account. In 2-3 years, you'll have enough to pay for whatever games you're likely to miss over your career.

The same thing applies with any other insurance...only insure what you can't afford to cover...set your deductibles as high as possible, up to what you can cover when the need arises. Don't get them as low as possible so you don't have to spend when something happens, you're just paying it all in advance and paying more. You just don't realize it since it is paid over time.

Mark T. DeNucci, Sr. Thu Jan 13, 2011 01:45pm

Quote:

Originally Posted by Camron Rust (Post 715416)
It is highly doubtful that will ever pay for itself. With a RARE exception, you always spend more on insurance than the benefits you will ever receive. If that were not the case, no company could ever make a profit selling insurance.

Insurance should only be bought when you can't afford to take the loss yourself. For most people, losing a few game fees is not a major loss and certainly not worth the cost of buying the insurance year after year. Instead, just deposit the insurance premium in a savings account. In 2-3 years, you'll have enough to pay for whatever games you're likely to miss over your career.

The same thing applies with any other insurance...only insure what you can't afford to cover...set your deductibles as high as possible, up to what you can cover when the need arises. Don't get them as low as possible so you don't have to spend when something happens, you're just paying it all in advance and paying more. You just don't realize it since it is paid over time.


Camron:

I have collected three times from NASO (one neck injury and three knee injuries, including one surgery).

MTD, Sr.

BillyMac Thu Jan 13, 2011 01:53pm

I Already Know, I'm A Bad Boy ...
 
Is one allowed to deduct the cost of a black belt?


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