Professional tennis advice
Any tennis pro's want to talk taxes with me? I have an independent contractor like I am sure many of you are.
I have a checking account that I deposit all the checks I get all year in it (about 6 grand)
I pay my director 25% and that makes it pretty easy to keep track of the cash (more than checks)
I teach an 8th grade pe class 2 months of the yr and teach 2 free clinics that the club pays me for. And I file these W2's
As far as writing things off... my business needs to make money right? If I did it for real with racquets bag, shoes, balls, basket, mower, 2 hoppers, stupid plastic tubes, tournament entry fee's, travel expenses I could account for more expenses than I made during the year.
Any advice from someone that has done this before?
I have a checking account that I deposit all the checks I get all year in it (about 6 grand)
I pay my director 25% and that makes it pretty easy to keep track of the cash (more than checks)
I teach an 8th grade pe class 2 months of the yr and teach 2 free clinics that the club pays me for. And I file these W2's
As far as writing things off... my business needs to make money right? If I did it for real with racquets bag, shoes, balls, basket, mower, 2 hoppers, stupid plastic tubes, tournament entry fee's, travel expenses I could account for more expenses than I made during the year.
Any advice from someone that has done this before?
Replies to This Discussion
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Permalink Reply by Mark / The Mayor on
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You need to ID the expenses related to teaching. So no Tourney fees or touney travel. The racquets and class balls are write offs of course.
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Permalink Reply by John Spoerl on
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I can claim tournament prize winnings too...
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Permalink Reply by Hal Wagner on
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well let's see, I usually write off health insurance, uspta fees, travel fees to conventions, balls, equipment. No tourney travel stuff, but I guess if you are declaring your winnings you should count expenses. I take to my accountant, he does not let me deduct clothing and shoes.
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Hal that's great advice. To run a 60kish operation what am I looking at tax's wise? I imagine I have to pay them? I have only done w2's... I worked the front desk at the sparetime indoor before
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this is fed, need to add for state
Single 2011 Tax Brackets
Taxable Income Marginal Tax Rate: $0-$8,500 10% $8,500-$34,500 15% $34,500-$83,600 25% $83,600-$174,400 28% $174,400-$379,150 33% $379,150+ 35%
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I had 20k set aside but ended up with way less tax, but that's more because we file joint return.
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California
Tax Bracket (yearly earnings) Tax Rate (%) $0+ 1% $7,168+ 2% $16,994+ 4% $26,821+ 6% $37,233+ 8% $47,055+ 10% $1,000,000+ 11%
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35% of the profits more or less? So stack up some expenses?
I may not file tournament winnings. It was just to make me feel cool =)
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Hey, thanks for your help hal. This is legit information for me
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no problem, if you try to take tourney expenses than you will want tourney winnings
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And that is when you lose college ability. You sort of brought scattered pieces of information together for me. Thanks again
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yes, also your eligibility clock starts when you play your first season and first semester for D1, 5 years to play 4, I don't know D3 and NAIA rules anymore used to be something like 12 semesters of 12 units...
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