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Purebreedcolt
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« on: January 03, 2011, 09:21:47 pm » |
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The forum on how much we spend on hog huntin there has to be a way to take it off taxes. I will have to admit not to savvy on taxes but surely as much as we are spending we could somehow
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Peachcreek
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« Reply #1 on: January 03, 2011, 09:34:31 pm » |
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take some clients and write it all off as entertainment exspence  the garmin is to insure you dont get your clients lost in the woods and the ranger is to get them out to the woods. |
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dub
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« Reply #2 on: January 03, 2011, 09:41:46 pm » |
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If it is a hobby you can deduct expenses only up to your profit from your hobby. That way you can avoid income tax from your hobby. If it a business then you can take expenses up to your taxable income and have carry fowards and carry backs. But you have to convince IRS you are a business because they decide.
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"...A man who has nothing which he cares more about than he does about his personal safety is a miserable creature who has no chance at being free, unless made and kept so by the exertions of better men than himself..." John Stuart Mill
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BobbyB
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« Reply #3 on: January 03, 2011, 10:04:02 pm » |
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My bird dogs are a side business. Mileage, training, feed, vet and equipment is all eligible, but I have to show a profit by the 5th year or it is considered a hobby and the deal is off.
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" If you can't have no fun, ain't no use agoin' ! " - old man in a Sweetwater, TX cafe
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dub
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« Reply #4 on: January 03, 2011, 10:24:29 pm » |
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You just have to set up and run it like a business. I am not a CPA yet but if you ask a CPA that does tax they will tell you. You can also go in to your local IRS office let them know you "want to make sure you keep track of everything to pay all the taxes you should." I guarantee they will be real nice. They helped me lower my taxes when I just said "I want to make sure I am paying all the taxes I owe." It is cheaper that way. But if you already work with a CPA they can tell you too. You need to track income and expenses on some kind of records. Please do not just throw receipts in a box but even that is better than nothing.
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"...A man who has nothing which he cares more about than he does about his personal safety is a miserable creature who has no chance at being free, unless made and kept so by the exertions of better men than himself..." John Stuart Mill
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-JB-
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« Reply #5 on: January 04, 2011, 12:07:56 pm » |
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use all of my dogs as COW dogs, cant pen cattle with out dogs |
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levibarcus
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« Reply #6 on: January 04, 2011, 12:13:29 pm » |
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I can write mine off as farm expense. It's just like gopher poison or spraying for weeds, it's pest control and pasture protection.  |
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But seek first the kingdom of God and all these things will be provided for you. Matthew 6:33
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