Tax Tips for Parents

Be aware for future that there are expenses that one may deduct for bb players.

some are:
clubhouse dues, tips
equipment purchased on own
any taxi receipts
health club membership
personal trainer
baseball subscriptions

TPM, do you mean for JC players these apply too?

TPM

I think you will find that the IRS may not recognize all of them as deductions---just one being questioned can raise a "red flag" on the part of the IRS--I would have your accoutant/tax preparer check them out

How does a parent of a U13 players gop about writing off things of this nature? I had a parent on my team 2 years ago as U11 mention that he wrote off things like this for hsi son. Training, new cleats etc. Now he owns his own business so maybe its doing something that way who knows.

Speaking on similar topic regarding taxes. Have you ever written off all of your travel expenses as a coach or have you ever written off the dues you pay for player fees for your son as a parent? The Org. is a 501c3 non profit.

I wrote off all expenses including elite travel ball. When questioned I explained that it was education related as opposed to playing recreational sports. They bought it with some explanation. Most auditors who question individual tax payers are usually low level auditors.
I also used to do pro hockey players US tax returns. Wrote off all expenses related in earning hockey income in the US.
Having a business can allow you to bury these expenses making them less obvious. I have been audited a few times and the only problem I ever had was with a large legitimate write off. I suppose calling the auditor a moron in front of his supervisor didn't help. I won on appeal.
I have submitted tax returns by efile for at least 6 years and always files a return for my son since he was 16.
In Canada the BB scholarships are not taxable and you can write off all college expenses except food and lodging. What it means is that my son's costs of attending college have accumulated at full costs to be written off against his future income and are not affected by his scholarships. He is also allowed to let a parent write it off to a maximum of approx $11,000 a year. We have done that for the last 3 years and get all of our taxes back. There is still a large sum left to be written off.
I would advise anyone to talk to an accountant to see what is allowed in your state.

Eric:

For a youth player, it is called cheating on your taxes. This stuff is not deductible under any circumstance.

quote:

Most auditors who question individual tax payers are usually low level auditors.

Might be true but they do have armed "backup"!
This was posted yesterday (Feb 2, 2010) on the Federal Business Opportunities Website.

Internal Revenue Service (IRS) intends to purchase sixty Remington Model 870 Police RAMAC #24587 12 gauge pump-action shotguns for the Criminal Investigation Division. The Remington parkerized shotguns, with fourteen inch barrel, modified choke, Wilson Combat Ghost Ring rear sight and XS4 Contour Bead front sight, Knoxx Reduced Recoil Adjustable Stock, and Speedfeed ribbed black forend, are designated as the only shotguns authorized for IRS duty based on compatibility with IRS existing shotgun inventory, certified armorer and combat training and protocol, maintenance, and parts.

That will make you think twice about trying to take that questionable deduction!

I have been audited 3 times and never had a problem.
Having been working to wards my Chartered Accountancy I have seen all kinds of things that you might not agree with like writing off yachts, luxury cars, club memberships and on and on. Our province even has a tax credit for youth sports to encourage parents to keep their kids in sports.
Pro hockey players I did wrote off everything related to earning an income in hockey. Club memberships equipment travel expenses. TPM's list is part of the write offs legally allowed.
As I said check with a CA.

Generally speaking you won't get any baseball related deductions unless you are in the trade or business of coaching/playing baseball. This means if you are a coach you must be getting paid, or if you are a player, you must be a professional player (getting paid).

As a coach for a team run by a non-profit, or even a parent of a player on a non-profit run team, you might be able to deduct some voluntry payments to the organzation or expenses incurred by you on its behalf as chartible contributions. This does not include your son's fee to play on the team, to buy your son a glove etc.. However if you make a donation and there is no quid pro quo and you properly document, you can get a deduction....just like church etc..

quote:

Originally posted by TRhit:
TPM

I think you will find that the IRS may not recognize all of them as deductions---just one being questioned can raise a "red flag" on the part of the IRS--I would have your accoutant/tax preparer check them out

TR, FYI I took the above from what the accountant was asking for, so if you are implying that I made this up, you are way off base. The accountant is from his agency, don't worry I am sure they know what they are doing.

I am talking about a professional bb here, not a kid or a college player. I was responding to CD's post.

I apologize for any confusion to others if they thought I was talking about their dependants.

"I wrote off all expenses including elite travel ball."

I hope everyone noticed that the author of this statement lives in CANADA.

Do not try this in the U.S.!

TPM

I am not implying anything---I made a statement

Please get off your persecution trip

TR,
TPM has a son playing pro ball, you dont.

I'll listen to the experienced one on this.

We should ignore your inappropriate remark!

quote:

Originally posted by D1:

We should ignore your inappropriate remark!

D1,
Thank you.

DI


Just zo you are aware we have a number of our players playing pro ball---so how do you know what and how much I know or do not know

And who are you to tell me what to do !!!!

It is becoming a regular love fest around here

What does that have to do with this topic?

Do you help them to prepare their stuff to go to the accountant? Do you prepare their taxes?

If you would like, I would be happy to give you a list of allowable deductions (after one meets certain amounts based on salary) that are allowed by the IRS.

TR, let me post this again, maybe you will be able to read and comprehend it this time.

TPM has a son playing pro ball, you don't!

I couldn't care less if you had boys you coached playing pro ball. Most of the coaches here that post do have former players playing pro ball, you aren't anything special. You simply didn't have a son that was talented enough to play pro ball, no shame in that.

So you are so tight with these players that you are also their tax accountant?

And who told you what to do? If I would ever tell you what to do on anything, it would be to take a long walk of a short pier.
Where do you come up with this bitterness in your life? You are without a doubt the most bitter person on this site. Take some advise before you start giving any, go see a therapist and work out your issues because you have plenty of them.

My son got his Federal money back yesterday as a direct deposit. Thus, it took nine days to get his refund from the IRS when e-filing was used. Still waiting for the NY State refund. I filed for my other son the other day. He had multiple W2's and the program makes it easy to get them all entered.

quote:

I couldn't care less if you had boys you coached playing pro ball.

Who do you think you are ? I can't see where you get off insulting TR who has contributed as much or more to this site than anyone. Take your own advice and see a therapist Your comments are totally unwarranted. This is hardly a get nasty topic.
If moderators were justified in removing a post it would be yours. Adds zero to the topic.

D-1

I do not know who you are nor do I care, but your condescending manner befits you well

TPM

As I said, I may know more than you are aware of. In fact I am sure I do--NO! I do not need to see your your list of "allowable" deductions---in all probablility accountants would differ on what is and what isn't an allowable deduction--but then again as I have come to realize you have learned everything that is needed to learn by your experiences with your son.

quote:

Originally posted by TRhit

TPM

As I said, I may know more than you are aware of. In fact I am sure I do--NO! I do not need to see your your list of "allowable" deductions---in all probablility accountants would differ on what is and what isn't an allowable deduction--but then again as I have come to realize you have learned everything that is needed to learn by your experiences with your son.

The topic was tax tips for parents, I expounded on CD's post, included some things that are allowed deductions for professional baseball players. In case you did not read the first time, the list comes from the accountant, so are you saying that she has no clue what the IRS does or doesn't allow if all she does is tax returns for professional baseball players. How would you know what is allowed or not allowed, just wondering? Because you know some pro players? Not a good answer, JMO.

I am just curious of your real motive for posting in this topic, unless yo uhad something of value to add, it was just another chance to be seen and heard, right?

Yes I have learned alot, you betcha I have. I know that really bothers you greatly. Too bad, that's your problem not mine.

You are too much, you should really stop trying to prove some point I have no clue what you are trying to prove, you have more to lose at making a fool of yourself than you may realize.

I am sorry CD, you gave some great info to share, it's just a shame these things happen with the same person all of the time. It's old.

Who do you think you are ? I can't see where you get off insulting TR who has contributed as much or more to this site than anyone. Take your own advice and see a therapist Your comments are totally unwarranted. This is hardly a get nasty topic.
If moderators were justified in removing a post it would be yours. Adds zero to the topic.[/QUOTE]

I know exactly who I am. Im a person that tries to post respectfully. Just fight fire with fire. I'd be willing to bet the 85% of TR's posts are filled with venomous knowledge. To be honest, when people put out info the way he presents it, I personally think it is useless and don't pay any attention to it. And if you think having snide, insulting posts adds to this forum you are wrong. I dont care if he makes a million posts, in the manner he presents it, it is meaningless.

And as far as TR saying I have a condescending manner, you guy, should take a loooooonnnnnnnnggggggg look in the mirror before you even should think of casting that stone.

quote:

Originally posted by ClevelandDad:
My son got his Federal money back yesterday as a direct deposit. Thus, it took nine days to get his refund from the IRS when e-filing was used. Still waiting for the NY State refund. I filed for my other son the other day. He had multiple W2's and the program makes it easy to get them all entered.

got ya beat cleveland! - I efiled federal late sunday night and had a direct deposit on Friday ! 5 days

Now that is the fastest I have seen since I have been efiling over the last 7 years!

TPM

MS Queen---you are getting old with what you spew especially with much of it incorrect---read my post--I said it should be checked out--all accountants do not agree on what you say.

You take everything I say to you as an affront--it is not an affront --it is my opinion because I truly believe that much of what you say is misleading--what is wrong with checking with a persons accountant with regard to what you offer as advice?--

quote:

Originally posted by K Complex:

quote:

Originally posted by ClevelandDad:
My son got his Federal money back yesterday as a direct deposit. Thus, it took nine days to get his refund from the IRS when e-filing was used. Still waiting for the NY State refund. I filed for my other son the other day. He had multiple W2's and the program makes it easy to get them all entered.

got ya beat cleveland! - I efiled federal late sunday night and had a direct deposit on Friday ! 5 days

Now that is the fastest I have seen since I have been efiling over the last 7 years!

That is great! I think they only deposit on certain days like Feb. 5th and I could see it taking less time depending when you filed.

What tax software did you use K Complex?

quote:

Originally posted by ClevelandDad:

quote:

Originally posted by K Complex:

quote:

Originally posted by ClevelandDad:
My son got his Federal money back yesterday as a direct deposit. Thus, it took nine days to get his refund from the IRS when e-filing was used. Still waiting for the NY State refund. I filed for my other son the other day. He had multiple W2's and the program makes it easy to get them all entered.

got ya beat cleveland! - I efiled federal late sunday night and had a direct deposit on Friday ! 5 days

Now that is the fastest I have seen since I have been efiling over the last 7 years!

That is great! I think they only deposit on certain days like Feb. 5th and I could see it taking less time depending when you filed.

What tax software did you use K Complex?

I have been using turbotax for last 7 years

I never thought I would see an interesting thread on tax returns. But for a semi-boring Saturday night, this is great stuff. Thanks to all.

Some days I wish they would sell Retrotax instead of Turbotax

- you know, you put down the amount of refund you want and then the software would complete the return to make it happen!

The refund cycle schedule this year is as follows:

If you e-file by 11:00 a.m. on Thursdays, you should get your direct deposit by the following Friday. Direct deposits are always on Fridays.