Official tax stuff

[BigGref]

I don't remember there being any recent articles on taxes and I have quite a few questions.

I was wondering what form (federal) I would use for claiming my income from officiating (including a crapload of expenses). Does anyone have information about the taxation of officials, and is it easy for officials to file taxes online or do you have to do it longhand because of the intricacy? And if anyone from Indiana knows about IN forms please include, thanks!!

I know, actually claiming officiating income, Ha, Ha, had to happen sometime.

[WhistlesAndStripes]

What are taxes?

[cougar729]

i ususally volunteer my officiating so i dont deal with taxes ;-)

[whaddayouknow]

I'm not one that understands the tax forms, but I use the 1040's Schedule C for self employment.

The only problem I have is that I believe somewhere in the instructions I read that the purpose of self-employment is to make a profit. Are there officials that do that?

[JugglingReferee]

Originally posted by whaddayouknow
I'm not one that understands the tax forms, but I use the 1040's Schedule C for self employment.

The only problem I have is that I believe somewhere in the instructions I read that the purpose of self-employment is to make a profit. Are there officials that do that?

$1 annually is a profit.

[Warrenkicker]

Making a profit 3 out of 5 years is a business and not a hobby. If you are a business then you should file and if you become a hobby then you can refile for the past years as you don't have to file if it is a hobby.

[Mark Dexter]

Originally posted by JugglingReferee

$1 annually is a profit.

True, but under the IRS system, that's going to get a closer look from our friends the auditors.

[radwaste50]

I have had very few years where I did not make a profit...
I file everything on the 1040 Schedule C, and include all 1099's filed from school's

I also deduct uniforms and equipment, any alteration expenses, dues, mileage as allowed and books and subscriptions. You do have to pay the Self Employment tax and additional social security may be necessary also.

Using a tax prep program and a decent filing system makes this very easy and the programs are deductible also.

[WhistlesAndStripes]

Originally posted by radwaste50
I have had very few years where I did not make a profit...
I file everything on the 1040 Schedule C, and include all 1099's filed from school's

So you don't report the income if the school or organization doesn't issue you a 1099??

Originally posted by radwaste50

You do have to pay the Self Employment tax and additional social security may be necessary also.

What's the difference between SE tax and Additional SS?

[Snake~eyes]

Originally posted by Warrenkicker
Making a profit 3 out of 5 years is a business and not a hobby. If you are a business then you should file and if you become a hobby then you can refile for the past years as you don't have to file if it is a hobby.

That's odd, I've made a profit every year I've officiated.

[radwaste50]

So you don't report the income if the school or organization doesn't issue you a 1099??

No I report all some schools I dont earn enough for them to isssue a 1099 but it gets reported all the same.

What's the difference between SE tax and Additional SS?
There is a ~$10 SE tax seperate from the SS tax, I have to pay the medicare part of SS but through my other employment I have always been at the FICA cap so I don't pay additional if you are not at the cap you have to pay the 15% (both ends) of SS

[Mark Dexter]

Originally posted by Whistles & Stripes
So you don't report the income if the school or organization doesn't issue you a 1099??

By law, you have to report all income recieved during the tax year. If the organization doesn't file a 1099, you're pretty much on the honor system. Just remember, though - if you're working scholastic ball, everything is recorded - even if you're paid in cash.

What's the difference between SE tax and Additional SS?

Actually, SE (self-employment tax) covers both Medicare and Social Security taxes. http://www.irs.gov/publications/p533/ar02.html#d0e271

[Cagey]

[QUOTE]Originally posted by JugglingReferee

$1 annually is a profit.

Did you guys get a raise?