IRS and Uncle Sam

This topic has 9 replies, 8 voices, and was last updated 15 years, 4 months ago by bucknbass.

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February 17, 2011 at 6:15 pm #339236

bucknbass
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This one goes out to all yall smart tax people! I have been looking over my taxes and deductions (or lack there of) and had thought on a wonderful deduction….I personally should be able to deduct my fishing tournament entry fees!!! Why you say? Well for me it is a “charitable contribution” I never win! therefore I am not getting anything in return so in my reasoning I am making somesort of contribution! Come on UNCLE Sam give me some slack!!

February 17, 2011 at 7:20 pm #339259

clownshoes
Participant

Lemme know how that turns out!What size jumpsuit you gonna need at Varner?C.O.D. Jr. III

February 17, 2011 at 7:38 pm #339277

ccwatcher
Participant

Buckinbass:My son fishes as a pro in the Michigan BFL circuit and the only way he could use his tournament entries and expenses on his taxes was to set up his fishing as a business. He keeps complete records of entry fees, fuel costs, motels, etc. and also his winnings. He enters all necessary info on the proper forms each year and usually he comes out pretty good. He had a pretty good year last year, so I dont know how hell come out this year. One thing, you can only declare a loss so many years.I think this info is correct. Theres probably someone who can give you better info!CC

February 17, 2011 at 8:33 pm #339296

pchapin
Participant

Where you get in trouble is when you start trying to deduct “fishing business” losses against income from other business interest or a wifes salary.

February 17, 2011 at 8:38 pm #339320

tswanson
Participant

Working for da uncle, yes sir. He owns 25% of me. I spend 25% of my adult life workin for him. He da boss.When I “get smart” I usually get in trouble…

February 17, 2011 at 8:52 pm #339345

Loanshark
Participant

Well my @$$h013 uncle just put the brakes on me upgrading to a newer 20 footer. So the 94 p2 is going to have to stay for another year. Someone told me that you could show “hobby expenses” if you had a reasonable expectation to gain a profit. Im sure there is a cpa on here somewhere

February 17, 2011 at 9:30 pm #339364

clownshoes
Participant

guys you can only deduct so much as to cancel your winnings.You can try to form a seperate business entity but the litmus test to prove it as a real business is significant and the costs of accounting and bookeeping for any of us to do that are not worth the audit.C.O.D. Jr. III

February 17, 2011 at 11:28 pm #339385

Gasbasser
Participant

Listen, the government is going to get its (your) money one way or another. Front end, back end where ever. If yall figure a way how to do this, let me know. On a side note, my accountant told me last friday, he has a client that is a real-estate agent and lives on the lake. She writes off her boat, cause she uses it to show clients properties on the lake from a lake view. Still trying to figure out how I can adapt this.britt

February 17, 2011 at 11:50 pm #339403

Bama96
Participant

Automatic audit. Dont do it. They will take your $hit.

February 18, 2011 at 12:51 am #339431

bucknbass
Participant

Actually I was just trying to pass a little “comik” relief!!! Really just making the point that I am terrible at catching fish!!! I AM NOT going to screw da man!!! I am not one of those that looks for huge refunds, I like it when me and him stay even…he does not give me a refund and I do not pay him. That way we are even Steven…Cause the combined statements from above are correct, “he is going to get his on the front end or back end….if you mess up and end up in Varner, it will definately be in the back end!
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