Since referees usually get paid cash to do games I was wondering if they have to claim it on their taxes...Not sure I would since it is cash.
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Are you with the IRS?Originally posted by Unregistered View Post -
referees and taxes
I don't think the method of payment determines if its taxable. But it certainly would make it harder to track.Originally posted by Unregistered View PostComment
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Most of my payments are by check. Things get settled every couple weeks or monthly.Originally posted by Unregistered View PostComment
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It requires whatever organizations that are paying them to report their income and/or the refs reporting it themselves as well. There is a set minimum amount of income that has be reported (I think anything over $600). But yes since it's often cash payments or odd checks here and there, unless the organization reports it refs could go undetected. I know of one town organization that got itself into trouble with this.Originally posted by Unregistered View PostComment
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cujo says he reports every penny.Comment
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If an organization pays you over $600 in a calendar year it is required to report the payment to the IRS on a 1099.
Whether or not the income is reported to the IRS, the law says the one earning the income is required to report it. It is tax fraud not to report the income. Depending on the circumstances it can be criminal tax fraud.
The income is reported on Schedule C. You can deduct expenses against the income, such as: travel to and from games, uniforms, training courses, professional dues and publications. If the travel to work includes overnight, then meals and lodging are also deductible. Equipment and supplies such as whistles, pads, writing implements, stop watches, etc are also deductible. In addition you can establish and contribute to retirement plans such as a solo-401(k) which can shelter much of your earnings. As a self-employed person, you also may deduct your medical insurance costs. So, if you keep good records there may not be too much taxable income left after all your deductions.Comment
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All income is taxable... Whether claimed or not is up to tax payer... Cash payments are taxableOriginally posted by Unregistered View PostComment
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In order to maintain my USSF grade , I need to submit a spreadsheet of all of my matches with location, score, etc. A forensic accountant would have a field day if I didn't report my games. Add in high school and college matches, it is very easy to see where I was and how much I was paid. I keep detailed mileage and expense reports. I know some referees who have been audited and I report everything.Comment
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Twellman...is this you? Another snitch opportunity?Originally posted by Unregistered View PostComment
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Do this for my son. He is able to put up to his net income into IRA - should (hopefully will) be worth something by the time he retires...Originally posted by Unregistered View PostComment
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With all the grief refs get from coaches players and parents they should not have to pay taxes !!!Originally posted by Unregistered View PostComment
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