How to make your hobby spending tax deductable

[twisted1]

...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

 

[bill walsh]

thanks for taking time to show us this

 

[twisted1]

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...

 

[rustytruck]

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.

 

[nickgodfrey]

Yep, gotta watch those numbers. Write offs are great, but don't overdo it. You gotta show a profit at some point.