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Regular Member
How to make your hobby spending tax deductable
...as the title says, interesting read. Just thought that I would put it out there.
How to Make Your Hobby a Tax Deduction | eHow.com
Twisted1
C.R.E.A.M. - Get Da Money___Dalla Dalla Bill Yall
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Re: How to make your hobby spending tax deductable
thanks for taking time to show us this
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Regular Member
Re: How to make your hobby spending tax deductable
You are welcome forum friend.
I'm not a detailer myself-but I've lurked around here long enough to know how much you guys spend on chemicals,websites, licenses...
Twisted1
C.R.E.A.M. - Get Da Money___Dalla Dalla Bill Yall
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Super Member
Re: How to make your hobby spending tax deductable
The issue actually should be how to make sure you're able to deduct your business expenses. I just sat with my accountant on this he said you can deduct your expenses as long as you show a profit 3 out of 5 years. if you start going into that 4th year and no profit the IRS can reclassify your business as just a hobby and then no deductions.
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Regular Member
Re: How to make your hobby spending tax deductable
Yep, gotta watch those numbers. Write offs are great, but don't overdo it. You gotta show a profit at some point.
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