Bill The Grill Guy
Master Chef
- Joined
- Jan 17, 2005
- Messages
- 5,454
Are the dues we pay for KCBS, MABQA ect tax deductable? This is for personal taxes not buisness taxes.
Thanks.
Thanks.
Bill The Grill Guy said:Are the dues we pay for KCBS, MABQA ect tax deductable? This is for personal taxes not buisness taxes.
Thanks.
Captain Morgan said:but you can write em off on your business taxes for
your catering! Research, development, marketing etc.
Your hobby expenses can be claimed as a "miscellaneous deduction" up to the amount of your hobby earnings. But, you only get to claim those miscellaneous deductions that are above 2% of your Adjusted Gross Income. So if you had $2000 in hobby earnings, you could list up to $2000 of related expenses (dues, entry fees, travel costs to contests, etc.) into your miscellaneous deductions. Then, to the extent that your miscellaneous deductions (the bbq hobby expenses, along with anything else that falls into the miscellaneous category) exceeded 2% of your AGI, you would get to count that excess as a deduction. I think it would be fairer only to tax you if you made a profit for the year, but somehow they forgot to ask me when they wrote the tax laws.wittdog said:Yeah but they can tax our winnings...
Griff said:Lucky this isn't the blue room or I'd share my thoughts on the IRS.
Captain Morgan said:Ain't nothing fair about taxes...what pisses
me off the most is when you get a return,
you have to count that is income and pay
taxes on it....again.
That ain't income...it's money I was already
taxed on, and just paid too much...it ain't
income, it's return of outgo. That's dual
taxation and I think it stinks!