GOLF TEACHING PRO®
By Nora
F. Catano, CPA, PA
USGTF Contributing Writer
Today’s
tax laws are so complicated that unless your financial affairs
are extremely simple, chances are you could benefit from at least
occasional assistance from a certified public accountant. Don’t
be caught in the trap of assuring that cutting taxes means hiring
high priced experts to find “loopholes” in the tax law, a technique
reserved only for rich people. The simple fact is that the tax
law is the same for everyone and the same tax planning strategies
are available to everyone.
Don’t
pay more taxes than the law requires! There are several basic
tax-cutting strategies available to all taxpayers, including shifting
income and/or deductions, deferring tax liability, or simply structuring
your affairs to obtain a tax deduction for some expense paid for
things you already enjoy – a vacation home for example.
As
a golf professional, whether you are considered an independent
contractor (i.e. self-employed) or are working as an employee
of another company, you may be incurring out-of-pocket expenses
which could be deductible on your personal income tax return.
The following is a list of just a few of those expenses that may
qualify as a tax deduction.
Maintaining
a proper record keeping system is a must if you are going to properly
document your deductions. A separate appointment book with a place
to record mileage and expenses usually works the best. If you
are self-employed, you should consider opening a separate checking
account in order to keep track of any business transactions. You
know your affairs better than anyone. Whether your accounting
and tax need are business-related or personal in nature, you need
to know what questions to ask. Don’t make the mistake of staying
“in the dark” about your financial and tax situation just because
you are relying on a tax professional to handle everything for
you. You can leave the technical details to your accountant, but
you should become familiar enough with the general workings of
tax planning and the tax law so that you can work as a team to
put you in the best tax position possible!
The
above article was written by long-time USGTF accountant Nora Catano.
Nora recently passed away from lung cancer at the age of 52.
The USGTF certainly appreciates Nora’s contributions to the growth
of our organization. Our condolences go our to Nora's friends
and family.
