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  #1 (permalink)  
Old Wed Feb 23, 2011, 06:10pm
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Originally Posted by Snaqwells View Post
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".
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Old Wed Feb 23, 2011, 06:17pm
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Quote:
Originally Posted by M&M Guy View Post
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.
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Old Thu Feb 24, 2011, 01:08am
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I am so glad after skimming this thread that I don't have to declare my officiating income.

Have fun.
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Old Thu Feb 24, 2011, 02:33am
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Originally Posted by constable View Post
I am so glad after skimming this thread that I don't have to declare my officiating income.

Have fun.
Will you declare mine?
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Old Thu Feb 24, 2011, 07:30am
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Quote:
Originally Posted by constable View Post
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.
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Old Fri Feb 25, 2011, 02:56am
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Originally Posted by BillyMac View Post
Don't have to, or just don't? I'm not familiar with Canadian tax laws.

Don't have to. Amateur sports officiating income is not taxable.
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Old Fri Feb 25, 2011, 06:24am
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Originally Posted by constable View Post
Don't have to. Amateur sports officiating income is not taxable.

Constable:

You aren't near Dog River are you?

MTD, Sr.


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