Send us a text

IMPORTANT DISCLAIMER: This podcast is not intended or should be taken as tax advice. Consult with a tax professional to help you with your own specific tax situation. 

Robin Ruegg, a USA Brevet rating gymnastics judge with over 40 years of experience, joins us to unravel the fascinating world of gymnastics officiating. Robin shares her journey from a gymnast at the University of Minnesota to a respected judge, offering insights into the crucial yet frequently overlooked financial responsibilities that come with being a sports official.

We tackle the nitty-gritty of tax responsibilities and deductions tailored for referees, judges, and officials. Uncover how to navigate the maze of tax-deductible expenses such as professional membership fees, training costs, and the specificities around officiating. Our conversation dives into the importance of differentiating between deductions and credits, with practical examples, including whether your iPad might help trim your tax bill.

Finally, we focus on financial strategies for sole proprietors, like referees and coaches, emphasizing meticulous income reporting—even those amounts under $600, which often slip under the radar. Robin offers valuable advice on securing your financial future through pension plans like SEP IRAs or Roth IRAs. With personal anecdotes, we highlight the power of consistent contributions to retirement savings and demystify the tax implications of different retirement account types, ensuring you're better equipped for a stable financial future.