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.