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Topic: Shaka got to get paid, son

Topic: Shaka got to get paid, son

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shabamon
General User

Member Since: 11/17/2006
Location: Cincinnati
Post Count: 6,863

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Shaka got to get paid, son

Posted: 6/29/2011 7:58:38 PM

www.washingtontimes.com/news/2011/jun/28/final-four-run-proves-lucrative-for-smart/

giacomo
General User

Member Since: 11/20/2007
Post Count: 2,734

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RE: Shaka got to get paid, son

Posted: 6/30/2011 9:48:53 AM

The funny thing is why do you need a 10k clothing allowance when you make 1.2M?

Jeff McKinney
Moderator

Member Since: 11/12/2004
Post Count: 6,155

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RE: Shaka got to get paid, son

Posted: 6/30/2011 1:58:30 PM

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
General User

Member Since: 11/20/2007
Post Count: 312

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RE: Shaka got to get paid, son

Posted: 6/30/2011 5:13:37 PM

Most all DI coaches get these perks.

Monroe Slavin
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Member Since: 12/20/2004
Location: Oxnard, CA
Post Count: 9,121

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RE: Shaka got to get paid, son

Posted: 6/30/2011 10:38:02 PM

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.

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catfan28
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Member Since: 6/11/2011
Location: Athens, OH
Post Count: 1,503

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RE: Shaka got to get paid, son

Posted: 6/30/2011 10:51:22 PM

Monroe Slavin wrote:

Reason #2,451 why our tax system is messed up! :)

BattleCat
General User

Member Since: 11/20/2007
Post Count: 312

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RE: Shaka got to get paid, son

Posted: 7/1/2011 12:59:03 AM

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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Member Since: 12/20/2004
Location: Oxnard, CA
Post Count: 9,121

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RE: Shaka got to get paid, son

Posted: 7/1/2011 1:41:05 AM

True, BattleCat. But I'd bet that you'd also like to have the extra 10k!

BattleCat
General User

Member Since: 11/20/2007
Post Count: 312

Status: Offline

RE: Shaka got to get paid, son

Posted: 7/1/2011 8:30:58 AM

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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Member Since: 11/20/2007
Post Count: 2,734

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RE: Shaka got to get paid, son

Posted: 7/1/2011 11:04:05 AM

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
Moderator

Member Since: 11/12/2004
Post Count: 6,155

Status: Offline

RE: Shaka got to get paid, son

Posted: 7/1/2011 11:43:33 AM

mcbin says you have to wear a hazmat suit if you coach at Lamar.

BattleCat
General User

Member Since: 11/20/2007
Post Count: 312

Status: Offline

RE: Shaka got to get paid, son

Posted: 7/1/2011 1:27:09 PM

Been writing off my clothing or parts of for the past 20 years, even passed a audit.

Bobcatbob
General User

Member Since: 12/21/2004
Location: Coolville, OH
Post Count: 1,347

Status: Offline

RE: Shaka got to get paid, son

Posted: 7/1/2011 1:47:46 PM

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
General User

Member Since: 7/3/2011
Post Count: 1

Status: Offline

RE: Shaka got to get paid, son

Posted: 7/3/2011 9:16:19 PM

Thanks for sharing the link.:D

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Andrew Ruck
General User

Member Since: 12/22/2004
Location: Columbus, OH
Post Count: 5,221

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RE: Shaka got to get paid, son

Posted: 7/6/2011 10:49:08 PM

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.

Andrew Ruck
B.B.A. 2003

davepi2
General User

Member Since: 7/8/2010
Location: columbus, OH
Post Count: 583

Status: Offline

RE: Shaka got to get paid, son

Posted: 12/2/2011 1:16:16 PM

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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