RefStripes.com
Football Officiating => General Discussion => Topic started by: Tommyjohn44 on February 11, 2011, 08:54:31 AM
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and says, "When I get down to your football income/expenses, it sure looks like you drove a lot of miles to not make a lot of money. Your mileage deduction + uniform costs are actually greater than the reported income (only got 1099'd on about 50% of income)."
Anyways, just a friendly reminder to the choir that there aren't many of us that officiate football to get rich. aWaRd
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You're not claiming only the income that was reported on 1099 are you?
Can you ask you guy how many years in a row you can show a loss and then write that off from the rest of your income?
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You're not claiming only the income that was reported on 1099 are you?
Can you ask you guy how many years in a row you can show a loss and then write that off from the rest of your income?
No I had claimed it all but he had only seen the 1099 form and hadn't notice the line item I wrote in for football income with my spreadsheet of work expenses (my day job is also 1099 income).
In as much as I moved from a salaried employee paying taxes 2 years ago to a 1099'd employee hoping to make enough to pay taxes, turning in football as a loss probably doesn't help my chances of not being audited. ;)
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I think you have to show a profit 1 out of 3 years. But confirm with your CPA. How long have you been calling? Not uncommon to lose money the first year or two and then taper off as you don't have to spend as much on uniforms and materials.
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Can you show a profit and then go back to a loss again for 2 more years?
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Can you show a profit and then go back to a loss again for 2 more years?
I believe that is correct. I simply do not claim all of my deductions one year to make a profit. Then I go back on my regular accounting.