Sep 10, 2018
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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