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Post by coachwoodall on May 10, 2010 7:07:41 GMT -6
Since tax season just finished up, I was wondering what do you clain as a work expense when you file your taxes?
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Post by John Knight on May 10, 2010 7:18:51 GMT -6
Nothing football related. I do claim mileage for AAA drivers ed instruction, all educational expenses for recertification and mileage. I donate lots of clothes to goodwill and get lots of $$$ written off.
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Post by wolfden12 on May 10, 2010 7:23:38 GMT -6
Anything football or school related that I pay out of pocket.
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Post by airraider on May 10, 2010 9:54:25 GMT -6
I need lessons.. I owe 5k this year!!!
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Post by coachjd on May 10, 2010 11:06:29 GMT -6
I claim all mileage to and from clinics, visits to colleges, meals at clinics, clinic fee's that the school does not cover. My AFM subscription, any books or videos I buy. Food for staff meetings, captains meetings, leadership council meetings.
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Post by coach31 on May 10, 2010 11:12:05 GMT -6
I claim mileage. Clinics, away games (if I have to drive for lack of Bus space), scouting, etc. It adds up
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Post by rocketcoach on May 10, 2010 11:28:05 GMT -6
As far as mileage to and from clinics, what if you fly to attend a clinic? How would that be handled? Airfare/hotel/meals? Mostly the airfare?
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Post by rolltide52 on May 10, 2010 11:46:07 GMT -6
Be careful the IRS is watching.
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Post by phantom on May 10, 2010 11:53:53 GMT -6
How about strip bars? Can you write them off if you save the cocktail napkins with the Xs and Os written on them?
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Post by John Knight on May 10, 2010 12:15:25 GMT -6
phantom, only if you can show that you worked on plays 51% of the time you were there!
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Post by airman on May 10, 2010 14:24:59 GMT -6
I was told by a tax preparer that coaching is considered a second job so you can claim mileage if you have to go from one building to the next or on weekends when you come into to work.
you can take any out of pocket expense like clinics or coaching videos
you have to keep your receipts though.
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Post by airman on May 10, 2010 14:25:15 GMT -6
I was told by a tax preparer that coaching is considered a second job so you can claim mileage if you have to go from one building to the next or on weekends when you come into to work.
you can take any out of pocket expense like clinics or coaching videos
you have to keep your receipts though.
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Post by dubber on May 10, 2010 16:06:08 GMT -6
I need lessons.. I owe 5k this year!!! Do you have some substantial 1099 income? If not, you need to adjust your withholdings, unless you are disciplined enough to have saved the 5k........ I'm pure 1099 income, and I didn't owe over 5k
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Post by airraider on May 10, 2010 16:40:51 GMT -6
I need lessons.. I owe 5k this year!!! Do you have some substantial 1099 income? If not, you need to adjust your withholdings, unless you are disciplined enough to have saved the 5k........ I'm pure 1099 income, and I didn't owe over 5k Yea, my withholdings were crazy low.. just a lesson learned I guess..
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Post by airman on May 10, 2010 16:45:39 GMT -6
I need lessons.. I owe 5k this year!!! Do you have some substantial 1099 income? If not, you need to adjust your withholdings, unless you are disciplined enough to have saved the 5k........ I'm pure 1099 income, and I didn't owe over 5k I pay 5000 every month in taxes.
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Post by dubber on May 10, 2010 18:34:37 GMT -6
Do you have some substantial 1099 income? If not, you need to adjust your withholdings, unless you are disciplined enough to have saved the 5k........ I'm pure 1099 income, and I didn't owe over 5k I pay 5000 every month in taxes. Who cares? Difference between doing monthly estimated payments (I assume you are 1099 income) that are based off your income, and having a big nut to pay at the end of the year because you were THAT off. Completely different situation for someone on W-2 income, who has taxes taken out as they go along, and ends up with a tax bill for over 12% of their gross income. I mean, the goal is to play it perfect....paying nothing and not getting a refund. I don't care if you pay $50,000 a month in taxes.
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Post by 44dlcoach on May 11, 2010 0:42:59 GMT -6
Airman, what's your point?
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Post by realdawg on May 11, 2010 5:09:11 GMT -6
To be poor
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Post by k on May 11, 2010 5:24:34 GMT -6
Airman, what's your point? He wanted to let us know that he makes a lot of money... I take the standard deduction and the $300 teacher credit.
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Post by coachwoodall on May 11, 2010 6:24:41 GMT -6
What I am asking is, specifically what all can you claim? - tennis shoes - khakis/shorts/jocky strap/socks - sun glasses - bought a kid's school lunch - bought myself lunch b/c I was too tired to make a sandwich - bought a burger on the way home from practice b/c the wife wasn't going to cook that late - sun screen/sun hat - sharpies, notebooks, paper sleeves, etc.... -
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Post by olinecoach61 on May 11, 2010 6:36:43 GMT -6
Take the 250 teacher credit, also claim any videos, clinic fees, hotels for clinics, polos, hats, etc. My accountant encourages it, she says its the equivalent of a 2nd job. The crazy part is when I compare what I spent with what I make... I'm basically coaching for $800 a year!
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Post by shields on May 11, 2010 10:54:20 GMT -6
I claim mileage to and from clinics, gas to and from as well, clinic fees and registration, etc. Basically everything my accountant will let me claim I do.
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Post by schenk11 on May 11, 2010 11:08:38 GMT -6
What I am asking is, specifically what all can you claim? - tennis shoes - khakis/shorts/jocky strap/socks - sun glasses - bought a kid's school lunch - bought myself lunch b/c I was too tired to make a sandwich - bought a burger on the way home from practice b/c the wife wasn't going to cook that late - sun screen/sun hat - sharpies, notebooks, paper sleeves, etc.... - You can claim any supplies you buy out of your own pocket that are required for the job. If you have to drive to practice or stadium after you normal day job is over, you can claim that mileage as a second job. It added up for me this year and saved me some money.
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Post by dubber on May 11, 2010 14:05:26 GMT -6
What I am asking is, specifically what all can you claim? - tennis shoes - khakis/shorts/jocky strap/socks - sun glasses - bought a kid's school lunch - bought myself lunch b/c I was too tired to make a sandwich - bought a burger on the way home from practice b/c the wife wasn't going to cook that late - sun screen/sun hat - sharpies, notebooks, paper sleeves, etc.... - You can claim any supplies you buy out of your own pocket that are required for the job. If you have to drive to practice or stadium after you normal day job is over, you can claim that mileage as a second job. It added up for me this year and saved me some money. From a business standpoint, you ARE NOT SUPPOSE to deduct clothing and meal money spent on you...... Meal money you spend on others is acceptable. When I take a client to lunch, I can only deduct their meal, not mine. Also, just because I need to wear a shirt and tie to work doesn't mean I can write it off. Ultimately, you can either hope to avoid the audit bomb, spend hours learning stuff you don't need, or rely on a tax professional. I choose the last one.
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Post by wingt74 on May 11, 2010 14:22:13 GMT -6
Does this go for volunteer coaches (youth)? Hmmm...
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Post by Coach JR on May 11, 2010 14:38:38 GMT -6
You can claim any supplies you buy out of your own pocket that are required for the job. If you have to drive to practice or stadium after you normal day job is over, you can claim that mileage as a second job. It added up for me this year and saved me some money. From a business standpoint, you ARE NOT SUPPOSE to deduct clothing and meal money spent on you...... Meal money you spend on others is acceptable. When I take a client to lunch, I can only deduct their meal, not mine. Also, just because I need to wear a shirt and tie to work doesn't mean I can write it off. Ultimately, you can either hope to avoid the audit bomb, spend hours learning stuff you don't need, or rely on a tax professional.I choose the last one. We have a winner! Keep up during the year with any and all expenses you have related to work, then take them to the tax man. You can't deduct your meal expense normally, but can if you're out of town on business you can. Can't deduct the shirt and tie, but you can deduct normal dry cleaning expense for same. The tax man knows how to get you the most bang for your buck, and do it within the rules. BTW, following the rules is no guarantee you won't get audited.
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Post by airman on May 11, 2010 14:49:22 GMT -6
Airman, what's your point? my point is simple this, If everyone had to write out a check each month to government we would then have a flat tax which is much fairer and equitable. say 7% of your income goes to taxes you keep the other 93% to do as you wish. a consumption tax would be even more fair then a flat tax. according to the tax policy center only 47% wage earners pay taxes into the federal government. so 53% live off the other 47%. I personally believe we should tax the poor more. it would be a strong force to move them out of poverty. ben franklin warned about making the poor to comfortable in their poverty.
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Post by phantom on May 11, 2010 16:20:53 GMT -6
Airman, what's your point? my point is simple this, If everyone had to write out a check each month to government we would then have a flat tax which is much fairer and equitable. say 7% of your income goes to taxes you keep the other 93% to do as you wish. a consumption tax would be even more fair then a flat tax. according to the tax policy center only 47% wage earners pay taxes into the federal government. so 53% live off the other 47%. I personally believe we should tax the poor more. it would be a strong force to move them out of poverty. ben franklin warned about making the poor to comfortable in their poverty. We are talking about taxing the poor. This thread is about coaches' taxes, isn't it? Good, useful info here. Let's keep on track.
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Post by rpetrie on May 11, 2010 16:29:33 GMT -6
Our tax guy is very cautious about red-flags brought up through coaching. Cleated or turf shoes (Coaching shoes) are the only real "uniform" deduction allowed. Sneakers, shorts, coaching polos, pants, etc. are considered normal everyday attire that is non-deductible. Hats as well are not deductible. Cell phone use has to be documented by call, computer use by minutes, its a very slippery slope. Dry cleaning is only for those items that are not usable for everyday wear...so suits, ties, shirts, etc. don't qualify since you would clean them anyhow. If you are a science teacher and have a lab coat...that would qualify as an example of a deductible dry cleaning expense. Mileage is certainly deductible, as are unreimbursed expenses for "continuing education" through clinics, certification courses, dues, etc. The risk of writing off $50/month for those other things are not worth the risk IMO.
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Post by airraider on May 11, 2010 17:46:15 GMT -6
What about all the miles driving to and from the field house during the summer? If it in fact can be counted as a second job.
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