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#1
11-19-2007, 06:08 PM
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Re: Best MSNL Coaches
[ QUOTE ]
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. [/ QUOTE ] 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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#2
11-19-2007, 06:15 PM
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Re: Best MSNL Coaches
But you have to document your coaching expenses. So you need a receipt at least.
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#3
11-22-2007, 12:14 AM
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Re: Best MSNL Coaches
[ QUOTE ]
[ QUOTE ] 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. [/ QUOTE ] 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. [/ QUOTE ] 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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#4
11-22-2007, 01:41 AM
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Re: Best MSNL Coaches
[ QUOTE ]
[ QUOTE ] [ QUOTE ] 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. [/ QUOTE ] 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. [/ QUOTE ] 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. [/ QUOTE ] my cpa didn't seem to think this was a big deal. also i got the emails from the player to player transfers so that could help. WoT
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