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Old 01-27-2011, 05:53 PM   #23 (permalink)
raiderguy10
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Join Date: Sep 2009
Location: Bismarck, ND
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Quote:
Originally Posted by kajshack View Post
Raiderguy, I know you aren't here to give free advice, but just a quick question: for the majority of us who spend way more than we take in with this "hobby", if we are organized as a sole-proprietorship we can deduct business losses and expenses such as supplies, etc correct?
Another thing kajshack is to have a CPA prepare your return. The IRS looks closely as "pass through" entities; ie the businesses (partnerships, LLCs, LLPs, SCorps, and Sole Prioprietors) because they are allowed to write expenses off. Having a qualified individual prepare and file your return goes a long ways to proving in the IRS' view that what you claim is legitimate. Obama also passed more stringent laws in order to be a tax preparer (you either have to be a lawyer, CPA, or pass an exam in order to prepare taxes. Before you could have high school dropouts working at H&R Block) and part of the reason is they want to make sure what gets submitted is truthful without having to spend more taxpayer dollars chasing those that are trying to cheat the system. So while it may cost you $50 to prepare (or cards in trade ), it's probably worth it in the long run.
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