Income Taxes...

[TheBeast24]

Hi Everyone,

I usually do my own income taxes, but I hate to do it and am looking to outsource it this year.

The question is this: Are there any companies (like H & R Block) that are good with claiming professional sports income? It is usually claimed as an independent contractor income. With all my tournament expenses throughout the year, I will usually operate at a loss. So, it can be beneficial to me over all. Again, are there any companies that you know of (FROM EXPERIENCE) that are good with this type of "income" filing?

Thanks,
JC

[SMT]

It is as simple as filing a Schedule C form as a Sole Proprietor.

The absolute key is documentation, documentation, documentation. The government will not allow you to get away with a "loss" for long.



You might want to get a true accountant in your stable as opposed to the "Las Vegas Drive Through Wedding" version known to all as H&R Block.

Not saying they are bad necessarily, but when you have a question come June or August.... good luck trying to find Margaret Jones, mother of 4 who filed for you this year in 20 minutes without looking up from here computer screen.
 

[Geekoman]

It is as simple as filing a Schedule C form as a Sole Proprietor.

The absolute key is documentation, documentation, documentation. The government will not allow you to get away with a "loss" for long.



You might want to get a true accountant in your stable as opposed to the "Las Vegas Drive Through Wedding" version known to all as H&R Block.

Not saying they are bad necessarily, but when you have a question come June or August.... good luck trying to find Margaret Jones, mother of 4 who filed for you this year in 20 minutes without looking up from here computer screen.
 

CONCUR!


Find a Damn good CPA!  There are some very bad ones out there...so be careful in that aspect as well.  Hard to go wrong with a CPA that also has a Law Degree.  A Tax attorney may be a bit more but well worth the extra dough in a situation like yours.  BTW, everyone thinks their CPA is the best...be careful.  Some CPA's are NOT up to snuff on tax laws.  A tax attorney...has to be.

JMO

[TheDoctor]

Josh, don't trip if your LD earnings are relatively low.  Oddly enough turbo tax was good for me last year and I had to claim a substantial gambling win and a lot of other weird stuff.  If you are talking about earnings from outings then you will be fine, if you are talking event winnings then it is likely your fine unless you picked off a 5k plus event.

[theauditor]

Geek,

I'm insulted!

Kevin King, CPA

PS - A tax attorney maybe over the top at $400-$500+ per hour and a lot only do estates, trusts and tax planning.  Suprisingly, most small CPA firms are not that much more expensive than H&R Block.  H&R Block charges by the form if I recall.  BTW, I'm an auditor who does a little with tax, so I am not trying to solicite any business, but if anyone has a question they can give me call.   

[Geekoman]

Geek,

I'm insulted!

Kevin King, CPA

PS - A tax attorney maybe over the top at $400-$500+ per hour and a lot only do estates, trusts and tax planning.  Suprisingly, most small CPA firms are not that much more expensive than H&R Block.  H&R Block charges by the form if I recall.  BTW, I'm an auditor who does a little with tax, so I am not trying to solicite any business, but if anyone has a question they can give me call.    

Sorry Kevin!  LOL!  But, I have had some doozies as CPA's.  I mean, just terrible.  Nightmare story time.....one in particular.  Totally incompetent..I found out too late.  That one hurt the wallet.  Btw, one of my brothers is a CPA with advanced degree in finance.  Worked for one of the Big 8 firms in the 70's

[TheBeast24]

Thanks for the input, guys. Like I had said, I usually do them myself. I actually have a Master's in Finance, but this year I just felt it would be a good idea to get a second opinion. You never can be too careful regarding potential legal issues that could arise.

-JC