Incorporate?

[BktBallRef]

Originally Posted by Freddy

Have any of you incorporated for purposes of claiming income and legitimate expenses as an official?

I file a Schedule C, claim my income and offset it with legitimate expenses.

[Welpe]

Originally Posted by BktBallRef

I file a Schedule C, claim my income and offset it with legitimate expenses.

This. Unless you're worried about liability, I see no need to incorporate.

[Adam]

Originally Posted by Welpe

This. Unless you're worried about liability, I see no need to incorporate.

There may be tax benefits, if you're otherwise self employed, but officiating income isn't generally enough to see them in amounts that offset the set up costs. A friend of mine (not an official) who is self employed does it so he can consider himself an employee of his LLC and get deductions for his health insurance.

Talk to an attorney, though, rather than a bunch of know-it-all dopes on the internet.

[deecee]

Originally Posted by Adam

Talk to an attorney, though, rather than a bunch of know-it-all dopes on the internet.

These days it's the dopes that run things. And no I didn't stay at a Best Western Inn Express last night.

[BillyMac]

Fa la la la la, la la la la.

[Kelvin green]

As an attorney ( although probably not licensed in your jurisdiction) and not providing any specific legal advice to your situation ( my disclaimer)

Incorporation for officiating make little sense.

1) to have the legal liabilities of a corp, you would need to follow all the formalities like maintaining corporate books, etc

2) most states have corporate franchise taxes. California can be as much as $800 per year.

3) unless it is an S corp the is double taxation

4) there is the issue with separate EINs with IRS ...

5) the corporation would need to get the liability coverage not the individual

6) the corp would have to figure out how to referee in the name is the corp and have contracts listed as the corp

LLC may run into some of the same issues because it is a separate entity from the official. Not saying it can't be done but probably is costly with so few limited advantages...

[BillyMac]

Originally Posted by Freddy

Have any of you incorporated for purposes of claiming income and legitimate expenses as an official?