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Itemized Deductions Schedule-A


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Old 04-18-2011, 02:44 PM
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professional bolwer

I became a pro bowler last fall. I do 6-10 professional and handicap tournaments each year. Can I claim travel expenses, tournament entry fees, league fees, practice fees, and equipment on my taxes? I am a member of a profession organization, SASBA, aka The Ebonite Senior Tour.



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Old 04-19-2011, 12:25 PM
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“Can I claim travel expenses, tournament entry fees, league fees, practice fees, and equipment on my taxes?”---->To bowl as a professional athlete, there must be a reasonable expectation of making a profit in your business as it is not as a hobby. The IRS knows that establishing a business takes time. You do not have to make a profit the first year, but your bowling effort must be business-like. You must keep clear, concise, and accurate records of all income, including the source, description, and date. You must keep and organize copies of all receipts, and all paid invoices as proof of expenses. You can deduct business expenses on your income tax return. These are the current operating costs of running our business. To be deductible, a business expense must be both ordinary and necessary. An ordinary expense isone that is common and accepted in your field of business, A necessary expense is one that is helpful and appropriate for your business.I guess you can also deduct your bsuines start up costs,i.e. travel or training costs. These costs are generally capital expenses. You usually recover costs for a particular asset (such as equipment) through depreciation (discussed next). You can elect to deduct up to $5,000 of business start-up costs and $5,000 of organizational costs paid or incurred after October 22, 2004. The $5,000 deduction is reduced by the amount your total start-up or organizational costs exceed $50,000. Any remaining cost must be amortized.
Here is aWeblink ; Publication 583 (1/2007), Starting a Business and Keeping Records



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