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Taxes
As a young official, 16, I tend to get very confused at the specifications of officiating basketball. For starters, this is my first ever post on this forum. So my question to all you veterans is about payments. I have a Refpay account. I need to know if I need to worry about the IRS and filing my officiating income at my age. I also live in Oklahoma and would like any of you to give me advice on finding work. I don't believe my association I'll be going into serves more than 2 schools a year.. So it's slow to say the least. I'd love to gain some knowledge on this stuff and find out how to referee more.
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As to taxes,you Definitely need to worry about IRS!!! We'll assume you still live at home. You need to advise your parents of your calendar year earnings when they prepare their 1040's. If you accrue sufficient income, your parents may lose the ability to claim you as a dependent. Please seek professional advice on this subject as well as the specifics for your home state. As far as finding work, take a look at your state's HS sanctioning body so you can become aware of their requirements and timelines. For work in the offseason, start by contacting the local AAU, YBOA or other similar organizations to get referrals to local tournament organizers. Find out who is assigning their tournaments and contact them. One thing that will never hurt is to increase your rules knowledge. You can get an app for Android with a digital version of the Rules, Case and Official's manual. Check the officiating section at NFHS.org. There is not much activity on this board during the dog days of summer but there is a comprehensive backlog of interesting subjucts, just keep going backwards on this site. I suspect there will be some OK officials that will respond with more specifics. Again, welcome and take advantage of this essential resource. |
Agree ...
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Tax Records - Officiating is an avocation that carries with it a need for a high level of integrity. Part of carrying out this high standard is meeting your responsibility to society, in general, by paying your taxes. It is equally wrong to overpay taxes and preventing overpayment begins with great records. https://sp.yimg.com/ib/th?id=HN.6079...52028&pid=15.1 |
You do need to file taxes to report your earnings. Even if you don't make enough to owe taxes, you still report. And the note from BillyMac about record keeping is right on -- Not only do you report earnings, but if you have a tax liability, you have the ability to reduce it by claiming deductions. So keep (or scan) reciepts with your expenses (equipment, uniforms, dues, etc) and keep a log book with your travel/mileage.
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Were you self-employed with earnings of more than $400.00?
Do You Need to File a Federal Income Tax Return? |
Don't forget about mileage.
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