aerialcameraman 0 #1 January 31, 2006 I have heard of people using turbo tax or tax cut to write off gear and other stuff for skydiving.. I am a video man at a dropzone and have saved all my receipts for everything i get.. I was woundering how to go about deducting this stuff. I live in Indiana and I have heard of some doing this.. Just wondering how to go about deducting this stuff. Quote Share this post Link to post Share on other sites
Broke 0 #2 January 31, 2006 My accountant told me this tidbit of info. If you aren't going to brake 10k USD don't even bother itemizing your income tax.Divot your source for all things Hillbilly. Anvil Brother 84 SCR 14192 Quote Share this post Link to post Share on other sites
kallend 2,150 #3 January 31, 2006 QuoteI have heard of people using turbo tax or tax cut to write off gear and other stuff for skydiving.. I am a video man at a dropzone and have saved all my receipts for everything i get.. I was woundering how to go about deducting this stuff. I live in Indiana and I have heard of some doing this.. Just wondering how to go about deducting this stuff. Are you an independent contractor or an employee? If independent, use Schedule C and for small amounts you can just expense the stuff rather than depreciate it (which is much more of a pain in the ass). Turbo Tax handles it pretty well.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
gemini 0 #4 January 31, 2006 Since most professionals in the sport are independent contractors, an individual filer should complete the schedule C and list as deductions all legitimate expenses incurred to earn the reported form 1099 income. The IRS uses a matching program to match all payor reported 1099 earnings to tax returns. If it is not specifically listed, it could cause a tax bill to be generated for the "unreported" income. In additions, since the contractor is self-employed social security taxes will have to be calculated and included on form SE. For most professionals the social security tax is the largest portion of the tax liability. Even if a taxpayer is not required to file, I recommend that a return be filed for every year showing no taxes due. This starts the statute of limitations and prevents the IRS from coming back later, except when fraud is alleged, and assessing taxes for non-filed years. If you don't file a return the IRS can send a bill for almost any amount and you have to prove to them that they are incorrect. Pretty hard to do 2 or 3 years later when you don't have any records to support your position. And if they get any idea that you may have received cash payments or tips that you didn't report you are hosed. Blue skies, Jim Quote Share this post Link to post Share on other sites
