Tax Time

[JaxRolo]

I am getting my tax stuff around for last year and come to realize that I kept poor records last year.

 

So does anyone have a decent spreadsheet where you kept your games, fees, mileage, equipment expenses, etc?

 

If you do have one would you mind sharing it?

[Jglopez7]

I have been told I need to make more than 8k to itemize my expenses...im not tax expert but does that mean im screwed? I only make about 5-6k each year umpiring.

[VAUmp]

I have been told I need to make more than 8k to itemize my expenses...im not tax expert but does that mean im screwed? I only make about 5-6k each year umpiring.

I don't know who told you this but that isn't true.  You can itemize and deduct anything over 600 bucks.  If you are issued a 1099 (usually a 1099-MISC), you can deduct your expenses.  Tracking mileage is a great deduction.  For 2013, you get 56.5 cents per mile as a deduction.   

[yawetag]

Rolando, PM me your email address. I'll send you a copy of what I made.

[UmpireFever]

http://www.naso.org/Resources/TaxTips/GameLog.aspx

[alex7]

have any of you found it easier or received a better return hiring a professional vs doing it yourselves?

[UmpireFever]

I get mine done professionally. I use that paper in the link above to track miles, food, lodging etc. I keep every receipt possible. You never know what's deductible.

[cyclonehokiece]

I have been told I need to make more than 8k to itemize my expenses...im not tax expert but does that mean im screwed? I only make about 5-6k each year umpiring.

I think that refers to itemizing them on the form.  If you make more than $8k you file the long form, otherwise, it is the short form.  I use tax software each year, although this year will be a bit tricker since I was part year resident in 2 states.

[LMSANS]

I am getting my tax stuff around for last year and come to realize that I kept poor records last year.

 

So does anyone have a decent spreadsheet where you kept your games, fees, mileage, equipment expenses, etc?

 

If you do have one would you mind sharing it?

PM me and I'll send you mine.

[yawetag]

have any of you found it easier or received a better return hiring a professional vs doing it yourselves?

 

I use taxact.com. Never had a problem. For umpiring, you simply complete a Schedule C, but any of the tax software will guide you through it.

[Welpe]

I have been told I need to make more than 8k to itemize my expenses...im not tax expert but does that mean im screwed? I only make about 5-6k each year umpiring.

I don't know who told you this but that isn't true. You can itemize and deduct anything over 600 bucks. If you are issued a 1099 (usually a 1099-MISC), you can deduct your expenses. Tracking mileage is a great deduction. For 2013, you get 56.5 cents per mile as a deduction.

Deducting expenses has nothing to do with being issued a 1099. You are supposed to claim all income earned, not just that which is reported to the IRS. An entity is required to report your income via a 1099 if they pay you $600 or more in a year. Income and Expenses are claimed on a Schedule C which is used to report profit and loss for a sole proprietorship. Here's a good overview of the schedule c https://turbotax.intuit.com/tax-tools/tax-tips/Self-Employment-Taxes/-What-is-a-Schedule-C-IRS-form-/INF14443.html I have a sheet I've made up I use to track games, income and expenses. I'll clean it up and send it. I wish I were more diligent at keeping it up to date.

[Welpe]

Oh and our taxes are pretty complicated so we have them prepared but if you do them yourself, I don't think adding a schedule c is a big deal. I do like having our tax pro available for advice on things like knowing what to deduct, etc.

[alex7]

Oh and our taxes are pretty complicated so we have them prepared but if you do them yourself, I don't think adding a schedule c is a big deal. I do like having our tax pro available for advice on things like knowing what to deduct, etc.

They find all sorts of fun stuff - your closet with your clothes is deductable, your garage square footage with your gear, wear and tear on your car, portions of your laundry and cell phone bill...they love that stuff.

[yawetag]

alex, and other CPAs and Accountants will tell you that some of it's not deductible. You'll find the same with the mileage deduction - every tax man has a different way of interpreting the rules.