Hi all, As I was thinking about racing events and associated expenses, it occured to me that some people must use a small business and its subsequent tax/government benefits to stretch their racing p
here is the rub: you can do that, but unless you file as a business, you cant deduct losses greater than income. to be a business you have to do a few things, but the "intent to make a profit" is the
Not to be sarcastic or anything, but, If it was that easy, everyone would do it. The IRS will see right through the fog you have created, tell you that the expense is "Salary", and slap you with pena
I'm afraid the IRS is ready for you on this one. If this "side" business is related to a hobby, they will usually allow you to write off expenses equal to your sales. So if you sell $3k worth of Kic
Other people have wisely pointed out that this isn't really a new idea, and the IRS is plenty used to it and will probably laugh at you if you're not reasonable about it. That said, one strategy tha
I'll put La Mexicana on the side of my Europa for a small fee. Only a true friend would offer you that deal :>))))) I'm sure you'll come back with a big fat zero, so I'll have to put Spencer's Motor
Ignore Jesus, James, and Vern. Those guys are real sticks in the mud with old paradigms. You can do anything. You can get away with it if you don't get audited. You might look good in a bright orang
The IRS does allow you to write off hobby related expenses. However, IIRC, they are subject to two key limitations: - Your hobby must generate a profit - Your deductions cannot be larger than your p
Author: Kenneth Allan Mitchell <nokones@kenmitchell.com>
Date: Thu, 30 Jan 2003 18:25:24 -0800
Tax evasion is a federal and a non-violent type crime. I don't think the non-violent federal offenders wear orange jumpsuits in federal prisons like Lompoc. I think he may get to wear levis and a de
Author: "M.J. Dunlap and Lolita M. Adrien" <lomike@earthlink.net>
Date: Thu, 30 Jan 2003 18:53:29 -0800
Even as a fan of Men in Black and the trip through a bug, this is one place I wouldn't want to go. Especially at dinnertime :-( MJ through the bowels of the IRS
Author: "M.J. Dunlap and Lolita M. Adrien" <lomike@earthlink.net>
Date: Thu, 30 Jan 2003 18:57:33 -0800
If he could figure out how to get LOTS of other peoples money out of the deal he could probably go to Camp Parks and wear Dockers and have his bimbett fly up on weekends in the jet, like Milken did.
thats bad news for amazon.com. :) but seriously its more on a case by case basis. if you make money 3 years out of 5 then thats good evidence you are a business (for horses its only 2 out of 5, ha!)
Under that preface - give it a few more years and AOL and Compuserve could be considered hobbies! Mark. Any business that loses money for five years is considered by the IRS to be a hobby. --John Kel
Hmmm, I didn't realize the IRS was taking that position with all those Internet-based business. :) Rob _________________________________________________________________