tax deductions for coaches

[Lsk8]

Hi--I am fairly new to coaching (beginner skaters only, LTS and private students) and want to know what kinds of things coaches can reasonably deduct on their income taxes. I'm thinking skate sharpenings, purchased music, tights. I do not pay for ice while I am coaching, so that is out. What about lessons--I still take lessons and often have had my coach give me pointers on how to do/teach a particular element, is any part of my lessons deductible?

Any help will be appreciated and of course, I know I need to run this by my tax guy.

thanks

[dbny]

I always deduct the cost of my own lessons, as I need to advance in order to be able to take my students farther before having to pass them along to another coach.

[phoenix]

I deduct my lessons. Also mileage to & from the rink for my lessons, & for any private lessons I teach. Skates, ice time, memberships, insurance, a coat if you wear it only for teaching (some rinks require you to wear their coat), sharpenings, books, videos, etc. It definitely adds up, esp. the mileage for me because I travel so far both to teach and for my lessons.

[Isk8NYC]

Just be careful that you don't take too many deductions for personal skating expenses without accompanying income. Otherwise, the IRS will declare your business (teaching/coaching) to be a "hobby" and all deductions will be gone.

I deduct videos/books/music if it's skating-related. I have a small video camera I use for students, so I took that as a business expense. Plus, the office supplies, mileage, etc. I cut students music, so the blank tapes/CD's are part of my business expenses. New skates every few years, soft/hard guards and ski pants. Any jacket that I use for coaching, especially if it has a rink name; otherwise I just add my USFSA pins and such. Membership fees in organizations, liability insurance, and magazines (to stay current) are all legit business expenses.

As for the lessons, YES you should be able to deduct them, as you can coaches conferences and seminars. I believe you could even take test expenses, since many parents believe that the best teacher is the one who climbed the ladder highest. (I think it's THAT person's coach, lol) It's all part of the education and training of you, the professional instructor.