Keeping with the theme of financial health and well-being, we talk with Lyndsey Beasley, a certified public accountant and wife of George Mason head wrestling coach Frank Beasley.We follow along with last episode's financial planning with what wrestling people need to consider with taxes when it comes to coaching, starting a club or whatever side hustle that's being worked.
Topics on this episode
1. Let's be honest, paying taxes sucks. What are some general tips before even getting started with filing if you're a wrestling coach?
2. What are some things you most often see left out of tax filings from people in and around wrestling?
3. Write-offs. This seems to be a very gray area. Everyone says “oh, business expense” or “oh, I can write that off.” What is the truth about writing off meals and things you buy while traveling or simply during your every day.
4. I went through several scenarios with Northwestern Mutual's Jarrett Yehlen about the right saving situation when it comes to managing your money. I want to go through the same four scenarios and as a tax professional, what are some things that coaches and athletes must be aware of.
A – Volunteer assistant coach, no official salary, works camps & clinics. Might be training to make senior-level team. (Taxes not taken out by club/organization paying his stipend)
B – Paid assistant coach, doing the same as above, working camps and clinics, but on the books with the school, has taxes taken out. Makes side money as a clinician outside of the school's camp structure. May be training to make a senior-level team.
C- The high school coach who gets a small stipend to coach, but is a full-time teacher. Thinking about or has an offseason club, runs summer camps and clinics, also travels to camps and clinics as a guest instructor or clinician.
D- Independent Club. Your whole job is membership and training. You have your own space to train athletes, not affiliated with a school. You are your own business.
— OTHER CONSIDERATIONS
1. In what cases is it better to file quarterly or file in April?
2. Should someone spend the extra money and find a CPA or do they go it alone with TurboTax?
3. Any opinion on the tax companies like H&R Block, Liberty, Jackson Hewitt, etc.
4. How would you recommend finding an affordable CPA.
– Considerations on how many states you are filing in (our example, we had to file in 3 states one year, I'll set that up beforehand)
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