Tax Rules May Trip Up Budding Gymnast — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
Q. Our daughter competes in gymnastic competitions. We travel 60 miles round trip for practice twice a week and also to competitive events that are well over 100 miles away. Is any of this tax deductible? S.W., via e-mail
A. Not unless your daughter is a professional gymnast. Otherwise, this is a nondeductible personal travel expense. But the instances in which individuals on personal pursuits turned their activities into professional careers litter the tax-case archives. This could lead to deductions for “ordinary and necessary” business expenses, including travel costs.
Tip: One example involved a professional bodybuilder who wrote off the cost of enhancing oils. (Wheir, TC Summary Opinion 2004-17)
Are you still looking at those same three people in that default photo on a Microsoft® SharePoint® Team Site? Are you bored looking at pages that all look the same? If you wish you could arrange your content the way your team wants it, instead of how it looked out of the box, this 75-minute program was made just for you!...Click here to find out more.