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Any CPAs in da haus?

Scott AlexanderScott Alexander
in Community Forum 🏠

Need some high-level advice about deducting certain expenses regarding my coaching in a local tri club.

Ex, forms, what's allowed, etc.

thanks in advance!

Comments

  • JeremyBehlerJeremyBehler
    Scott - not a CPA but have a lot of finance and accounting background and am a self-admitted finance geek (and I have stayed at a Holiday Inn Express). I'd highly suggest you find and hire a local CPA for this. The costs should be relatively modest and given the IRS is very picky about deductions for self-employed business expenses it would be of great value to have an accountant that can address and respond to any IRS inquiries or even worse you get audited.
  • Shaughn SimmonsShaughn Simmons

    JB gives wise advice here........

    Myself, Edwin Croucher, Paul Hough are all CPAs.......but we work in industry.

    Turbo Tax is normally easy and effective to use for this type of small business application, however paying someone who does this every day is a good value given the risks as well.

    SS

  • Francis PicardFrancis Picard
    Im a CPA (Canadian but have us expertise) working in a big 4 (Deloitte), as other have said, you should hire someone because devil is in the details and IRS or other tax authorities are hunting for details not matching the facts !

  • Scott GiljumScott Giljum
    I too am a CPA and agree with the rest. Get a local CPA and they can make sure you are covered on the correct forms etc. The last thing you want is the IRS all up in your stuff.
  • Paul HoughPaul Hough
    Just to be clear, I am NOT a CPA. But I do have a Ph.D., and am a Certified Cost Analyst, Certified Government Financial Manager, and Certified Defense Financial Manager.

    That said, I agree that you should check with a local CPA. Also, you need to be careful whether your coaching is a true business or more closely aligned with a hobby which is subject to different rules. E.g., a legitimate deduction for work may not be valid for a hobby, or at least cannot be deductible over the amount of hobby income you earn. More info here: https://www.irs.gov/uac/Newsroom/Five-Basic-Tax-Tips-about-Hobbies
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