Tax question....

[vbzebra]

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

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

[Indianaref]

Originally Posted by vbzebra

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.

[tref]

With or without the happy ending?

[BillyMac]

Originally Posted by vbzebra

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]

Originally Posted by vbzebra

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.]

Originally Posted by tref

With or without the happy ending?

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

MTD, Sr.

[Lcubed48]

Originally Posted by vbzebra

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.

[ILRef80]

Originally Posted by Eastshire

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]

Originally Posted by ILRef80

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.]

Originally Posted by ILRef80

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]

Originally Posted by ILRef80

Laundry

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

[Mark T. DeNucci, Sr.]

Originally Posted by BillyMac

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]

Originally Posted by Mark T. DeNucci, Sr.

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.]

Originally Posted by Camron Rust

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]

Is one allowed to deduct the cost of a black belt?