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Jan 23rd, 2013
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Questions about Guides and taxes #13430790 02/07/20 04:31 PM
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TheFluke215 Offline OP
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Any of you guides file your own taxes through turbo tax? I’ve been doing my own for a while now but just started my guide service last year and had a couple questions in reference to expenses. If someone has a minute to help, I’d appreciate it.

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Re: Questions about Guides and taxes [Re: TheFluke215] #13431383 02/08/20 01:08 AM
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codeman22 Offline
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Is it a legit business or hobby. Big difference.

Re: Questions about Guides and taxes [Re: codeman22] #13431487 02/08/20 02:51 AM
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TheFluke215 Offline OP
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I did 74 trips from May 31st thru December 31st, am licensed by the state of Texas and have a dba so I assume it’s a legit business..

Re: Questions about Guides and taxes [Re: TheFluke215] #13431553 02/08/20 03:56 AM
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pchapin Offline
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Question
How do you distinguish between a business and a hobby?
Answer
In making the distinction between a hobby or business activity, take into account all facts and circumstances with respect to the activity. A hobby activity is done mainly for recreation or pleasure. No one factor alone is decisive. You must generally consider these factors in determining whether an activity is a business engaged in making a profit:

Whether you carry on the activity in a businesslike manner and maintain complete and accurate books and records.
Whether the time and effort you put into the activity indicate you intend to make it profitable.
Whether you depend on income from the activity for your livelihood.
Whether your losses are due to circumstances beyond your control (or are normal in the startup phase of your type of business).
Whether you change your methods of operation in an attempt to improve profitability.
Whether you or your advisors have the knowledge needed to carry on the activity as a successful business.
Whether you were successful in making a profit in similar activities in the past.
Whether the activity makes a profit in some years and how much profit it makes.
Whether you can expect to make a future profit from the appreciation of the assets used in the activity.
You may find more information on this topic in section 1.183-2 (b) of the Federal Tax Regulations.

Re: Questions about Guides and taxes [Re: TheFluke215] #13431661 02/08/20 07:43 AM
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361V Online Content
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Pretty sure the OP had a question about EXPENSES, not wether or not his business was legit since that is what he said.

Re: Questions about Guides and taxes [Re: 361V] #13431702 02/08/20 11:48 AM
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pchapin Offline
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Originally Posted by 361V
Pretty sure the OP had a question about EXPENSES, not wether or not his business was legit since that is what he said.


You can not give an accurate answer to a question about expenses until you know if it is a hobby or a business.

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