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Ohio Basketball Topic
Topic: Shaka got to get paid, son
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shabamon
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Posted: 6/29/2011 7:58 PM
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giacomo
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Posted: 6/30/2011 9:48 AM
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The funny thing is why do you need a 10k clothing allowance when you make 1.2M?
Jeff McKinney
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Posted: 6/30/2011 1:58 PM
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Funny one, giacomo.  That reminds me that so many business people and others in the communities give all sorts of things like meals, cars, vacations, etc., to these guys who are already making a million per. 
BattleCat
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Posted: 6/30/2011 5:13 PM
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Most all DI coaches get these perks.
Monroe Slavin
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Posted: 6/30/2011 10:38 PM
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I'm not a tax expert but I'll guess that they try to tax deduct the cost of their clothing.  So the $10k becomes net non-taxed.  They probably claim that the role requires that they dress the part so an 'ordinary and necessary' business expense.
catfan28
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Posted: 6/30/2011 10:51 PM
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Monroe Slavin wrote:expand_more
I'm not a tax expert but I'll guess that they try to tax deduct the cost of their clothing.  So the $10k becomes net non-taxed.  They probably claim that the role requires that they dress the part so an 'ordinary and necessary' business expense.


Reason #2,451 why our tax system is messed up! :)
BattleCat
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Posted: 7/1/2011 12:59 AM
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Actually by getting a stipend for this they will pay extra for the benefit. Without a stipend then you can write off the expense of "work clothes" as un-reimbursed business expense. At least that is how I roll.
Monroe Slavin
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Posted: 7/1/2011 1:41 AM
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True, BattleCat.  But I'd bet that you'd also like to have the extra 10k!
BattleCat
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Posted: 7/1/2011 8:30 AM
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Any day Monroe, any day! Just trying to help these guys learn some basic tax code, maybe save them a buck come tax time next year.
giacomo
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Posted: 7/1/2011 11:04 AM
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I have clients who are coaches and their accountants don't write off their clothing. I believe the litmus test is the clothing specific to your job? I don't think suits and ties and wingtips qualify. Lawyers could then write off their suits and they don't. If you work in a nuclear plant and must buy a haz mat suit, that would be deductible. But only the amout that's over 2% of your adjustable gross income.

Jeff McKinney
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Posted: 7/1/2011 11:43 AM
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mcbin says you have to wear a hazmat suit if you coach at Lamar. 
BattleCat
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Posted: 7/1/2011 1:27 PM
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Been writing off my clothing or parts of for the past 20 years, even passed a audit. 
Bobcatbob
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Posted: 7/1/2011 1:47 PM
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Giacomo is correct.  Performers and other employees (think Kiss) can write off work clothes, the catch being that they can only be worn to "work".. As soon as they enter your personal collection the deduction goes away.

But forget the $10K.  That contract represents an insane amount to bump a coach's salary based on one good run.  This is like the space race; nobody cares how much it costs as long we get there first and with the hottest coach.

One thing I do like about it is the built-in home and home for the big program that comes calling for ol' Shaka.  It shows at least a bit of realism was in the AD's head when he wrote this thing.
ricaluanna
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Posted: 7/3/2011 9:16 PM
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Thanks for sharing the link.:D
Andrew Ruck
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Posted: 7/6/2011 10:49 PM
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Clothing allowance is a taxable benefit, so he pays taxes on it just the same.  I think they just add crap like that as fluff to make the offer look more lucrative to the candidate.  The human brain responds better to 1.2 mil plus 10k clothing, 10k travel, company car, etc. than just 1.3 mil.
davepi2
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Posted: 12/2/2011 1:16 PM
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Nice to see Kenyon College has something to brag about besides Paul Newman , Rutherford B. Hayes and being the most expensive college in ohio.
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