Tax Return

[Mark Padgett]

Originally Posted by BillyMac

Freddie Fillmore: What is the name of the animal that fastens itself to you and drains you of your blood?

Lucy: Collector of Internal Revenue!

And if you add "the" to "irs" you get "Theirs".

[Mark T. DeNucci, Sr.]

Fiscal year 2010 was the 29th year that I have filed a Schedule C for officiating. I deduct the following items:

1) Mileage
2) Parking
3) Toll road fees
4) Game fee insurance fee policies that I pay for myself (i.e., NASO).
5) Interest on the car loan for the vehicle I use for officiating; this is not covered by your mileage deduction and is pro-rated based upon the number of miles you drive to officiate.
6) Legal fees ()
7) Vehicle rental
8) Repairs/maintence of equipment (repair shoes, chest protector, etc.)
9) Stationary supplies.
10) Travel (motel and hotel)
11) Meals
12) Long distance phone calls (that is a quaint one nowadays)
13) Membership dues
14) Registration fees
15) Assigners fees
16) Uniforms
17) Equipment
18) Laundry/drycleaning
19) Postage
20) Publications
21) Education

MTD, Sr.

[Adam]

No hookers and blow (also known as the Charlie Sheen deduction)?

[letemplay]

So, assuming all your deductions are legal...do you show a profit or loss?

[Welpe]

Originally Posted by letemplay

So, assuming all your deductions are legal...do you show a profit or loss?

If you ask nicely, he may fax you his 1040.

[letemplay]

Who is nicely?

[Welpe]

mbyron, Jr.

[letemplay]

which is, if we can legitimately show a loss...think about it..we are doing it just for fun and of course a little exercise, gettn out of the house, camaraderie, and some etc here probably.

[Adam]

Originally Posted by letemplay

which is, if we can legitimately show a loss...think about it..we are doing it just for fun and of course a little exercise, gettn out of the house, camaraderie, and some etc here probably.

Check with your local tax professional, but my understanding is that you can only show a loss so many years in a row. I'm not sure of that, nor am I sure of what the consequences are.

[M&M Guy]

Originally Posted by Snaqwells

Check with your local tax professional, but my understanding is that you can only show a loss so many years in a row. I'm not sure of that, nor am I sure of what the consequences are.

You have to show a profit at least some of the years, (something like 2 out of the last 5?) otherwise the "business" becomes a "hobby". You would still need to report the income, but you cannot deduct any expenses because they would not be related to a "business".

[26 Year Gap]

Originally Posted by M&M Guy

You have to show a profit at least some of the years, (something like 2 out of the last 5?) otherwise the "business" becomes a "hobby". You would still need to report the income, but you cannot deduct any expenses because they would not be related to a "business".

Some years, I did show a profit. Not the first couple of years because of uniform expenses and such. But once I got moved up to a varsity schedule, the income ended up exceeding the expenses. Last couple of years have had more mileage due to the number of meetings attended, but the losses are not huge. I suspect 2011 will show a modest profit.

In LA, I suspect, that hobbyists rule the day.

[constable]

I am so glad after skimming this thread that I don't have to declare my officiating income.

Have fun.

[Camron Rust]

Originally Posted by constable

I am so glad after skimming this thread that I don't have to declare my officiating income.

Have fun.

Will you declare mine?

[BillyMac]

Originally Posted by constable

I am so glad after skimming this thread that I don't have to declare my officiating income.

Don't have to, or just don't? I'm not familiar with Canadian tax laws.

[mbyron]

Originally Posted by Welpe

mbyron, Jr.

We usually capitalize the R when referring briefly to the Old One.

My son is starting baseball this spring, but he's not Jr.

And how the heck did I get drawn into this? I feel like M&M now.