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Taxes and training (Read 887 times)

    You think deducting running expenses as a business expense is playing by the rules?

     I think your question is good.

    As Dopple Bock mentions, you need the revenue to claim the expense.  But to claim an expense without the income (1099), you're asking for trouble.

    2014 Goals:

    #1: Do what I can do. <DOING>

    #2: 365 Hours training <NOPE, INJURED>

     

      I'm not an accountant.

       

      But I think DB is.  And I think he explained it pretty well: No net loss - expense only to amount of income.

      Runners run.

        But I think DB is.  And I think he explained it pretty well: No net loss - expense only to amount of income.

         

        Ah, okay. Yeah, that makes sense to me. So, the answer to kd is, simply, "No."


        ultramarathon/triathlete

          Sadly, it looks like a deduction was just a dream.  I'm not making nearly enough to make it worth the deduction.  I'm not afraid of the audit since my guy is by the books (and constantly reminds me of that, if I ask to deduct something "fishy").  But it would still be a hassle.

           

          Looks like I'll have to figure out a different way to become one of the 1%. 

          HTFU?  Why not!

          Coach: Empire Tri Club 

          Speed Coach: Brooklyn Tri Club


          just a simple cat

            Switch from that high end body wash to generic bar soap like me!  We'll be wealthy in no time at all.

             

            If the race is for a good cause, can I claim some of the entry fee as a charitable deduction?

             

            I  guess as you get more bodacious, you begin to lose more brain cells, because there is a limit to how much magnificence your body can house

            DoppleBock


              Only if you get something published from the race that states somethig like  "$10 of your race fee can be considered a charitable deduction for tax purposes"

               

              I paid an extra $10 for my state park sticker to be deilered to my house - The $10 was a charitable contribution to "Balh, Blah, Blah" basically to promote conservation efforts - But since it told me I just made a charitable contribution of $10 for tax purposes, I will take it.

               

              Switch from that high end body wash to generic bar soap like me!  We'll be wealthy in no time at all.

               

              If the race is for a good cause, can I claim some of the entry fee as a charitable deduction?

              http://a-big-horse.blogspot.com/ 

              2013 Goals ~ Mar < 3:00, 5M < 29, 10k < 35  

               

              DoppleBock


                Of course I laugh when our Pastors feel that when people time their charitable contribution to get more of a tax benefit it lessons the gift ???  At best someone saves what maybe 40 cents on the dollar?  If I happen to give more this year and less next year to get more benefit of taxes and then end up giving the benefit of that tax break to church anyway ...

                 

                I think they just get confused into thinking the only reason people are giving is for the tax benefit ... No sir, if they were selfish they would pay the 30% tax on the money and keep the 70% for booze and cheap vimen.  They give because the feel the joy down in their heart ... or if they are Catholic out of guilt.

                http://a-big-horse.blogspot.com/ 

                2013 Goals ~ Mar < 3:00, 5M < 29, 10k < 35  

                 

                MrH


                  If you were paid for your coaching as a 1099, I think you could deduct certain unreimbursed expenses, such as fees, mileage and clothing. It it's done via W-2 I think your expense have to be more than 2% of your total AGI to be allowable.

                   

                  But I'm not an accountant and I don't pay attention when they try to explain this kind of stuff.

                  The process is the goal.

                  Men heap together the mistakes of their lives, and create a monster they call Destiny.


                  just a simple cat

                    I don't like booze or cheap vimen so I'll keep donating.  Thanks for the answer.  Smile

                     

                    I  guess as you get more bodacious, you begin to lose more brain cells, because there is a limit to how much magnificence your body can house

                      You think deducting running expenses as a business expense is playing by the rules?

                       

                      My point was that I, personally, would never be deterred from claiming every deduction and business expense I am entitled too because I'm afraid of the auditors. I don't know if OP has taxable income from running/coaching - if he does he can certainly deduct expenses associated with generating that income.  Dopplebock explained it well enough with his schedule C post.


                      Am I doing this right?

                        Taxes are stupid.  I would much rather train.

                        No excuses....

                          My point was that I, personally, would never be deterred from claiming every deduction and business expense I am entitled too because I'm afraid of the auditors. I don't know if OP has taxable income from running/coaching - if he does he can certainly deduct expenses associated with generating that income.  Dopplebock explained it well enough with his schedule C post.

                           

                          Yes, sorry I was being a little bit of an arse, probably because doing my own taxes scares hell out of me and I'm jealous of people who know how to actually do them.


                          Feeling the growl again

                            Yes, sorry I was being a little bit of an arse, probably because doing my own taxes scares hell out of me and I'm jealous of people who know how to actually do them.

                             

                            Turbotax (which I'm seeing an ad for now, no surprise) is pretty stress-free and effective if you don't have a lot of complex stuff going on.  Reasonably priced too.  Perhaps a real accountant would lower my bill a bit but I'm not sure it would be through 100% honest means (ie I feel pretty comfortable that the software is by-the-book).

                            "If you want to be a bad a$s, then do what a bad a$s does.  There's your pep talk for today.  Go Run." -- Slo_Hand

                             

                              Turbotax (which I'm seeing an ad for now, no surprise) is pretty stress-free and effective if you don't have a lot of complex stuff going on.  Reasonably priced too.  Perhaps a real accountant would lower my bill a bit but I'm not sure it would be through 100% honest means (ie I feel pretty comfortable that the software is by-the-book).

                               

                              That's what I use, and you are right that it seems pretty straightforward. Yeah, your second sentence sorta speaks to the way I feel--like there's some way I could be doing this better...

                              DoppleBock


                                Yes - We all want to pay the legal minimum in taxes ~ I have no fear of audit.  If I want to be charitable I will give directly to the person or group I want the money to go to.  If I pay extra taxes the government is not really good at managing money and will likely waste it.

                                 

                                I stopped doing my taxes by hand last year ~ Even with the Sch C for running mine were pretty simple ~ a tax program just saved me the time of printing off all the forms and worrying about getting stuff in the right boxes.

                                 

                                What I hate is when I send in my return and 2 days later (Mid March) I get a 1099int or 1099div I had forgot about.   Then again amending returns is eveb easier than filing them in the 1st place.  Make 2 photo copies of return.  Mark one "As Originally Filed".  White out the wrong stuff on the other and correct it - mark is "as Amended" then fill out the 1040x - 1 page form that shows original and amended info - Send in.

                                 

                                Taxes should be simplified.  The more you make the more complicated they get as things start to phase out and the dreaded AMT might start applying.  I cannot speak for your state returns as I would guess some really suck.

                                http://a-big-horse.blogspot.com/ 

                                2013 Goals ~ Mar < 3:00, 5M < 29, 10k < 35  

                                 

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