Re: Best MSNL Coaches
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My CPA told me that I would need to give my coaches a 1099 tax form if I wanted to write my coaching expenses off*. Otherwise I cannot.
*Downside of this is that the coach would have to pay taxes on the coaching fees.
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coaches have to pay taxes on money earned from coaching, and yes, you can write off any expense related to poker coaching if you are filing as a pro, just like you can write off your cardrunners membership.
also, i'm 95% sure that you're in no way responsible for giving your coach a 1099 form. they handle their own reporting of their coaching and you just note to your accountant your coaching fees as part of your expenses.
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You technically should give your coach a 1099 if you pay him more than $600 during the calendar year. However, if you don't, it doesn't make it non-deductible.
If you have a CPA prepare your taxes, they will almost certainly ask about 1099'ing your coach when you give the coaching expenses.
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