Tax Return

[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.

[Rich]

Originally Posted by mbyron

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.

You've really become Mr. Pedantic Grammar and Spelling person this past week. Are there meds you can take for that?

[26 Year Gap]

Originally Posted by RichMSN

You've really become Mr. Pedantic Grammar and Spelling person this past week. Are there meds you can take for that?

Or he violated the first rule and now has a whistle with a pea [sp]. And that has made him a tad grumpy.

[Rich]

Originally Posted by 26 Year Gap

Or he violated the first rule and now has a whistle with a pea [sp]. And that has made him a tad grumpy.

Maybe he needs a few days lying on the beach in Miami. (The one in Florida, mbyron -- I figured you'd ask.)

[mbyron]

Originally Posted by RichMSN

You've really become Mr. Pedantic Grammar and Spelling person this past week. Are there meds you can take for that?

Well as long as you're accusing me: I didn't correct anyone, but was making a joke.

Feeling a little sensitive after the light shone once on you?

[Rich]

Originally Posted by mbyron

Well as long as you're accusing me: I didn't correct anyone, but was making a joke.

Feeling a little sensitive after the light shone once on you?

I'd respond fully, but you'd critique my grammar and/or spelling.

[Welpe]

Originally Posted by RichMSN

I'd respond fully, but you'd critique my grammar and/or spelling.

Answers that are less than 5 words are usually safe.