texasfishingforum.com logo
Main Menu
Advertisement
Affiliates
Advertisement
Newest Members
TraeMartin, Power-Pole CS, T-Rigger, JoeGoes, EcKo
119150 Registered Users
Top Posters(All Time)
hopalong 120,579
TexDawg 119,518
Bigbob_FTW 94,889
John175☮ 85,892
Pilothawk 83,260
Bob Davis 81,483
Mark Perry 72,289
Derek 🐝 68,312
JDavis7873 67,416
Forum Statistics
Forums59
Topics1,037,835
Posts13,935,321
Members144,150
Most Online39,925
Dec 30th, 2023
Print Thread
Questions about Guides and taxes #13430790 02/07/20 04:31 PM
Joined: Jan 2011
Posts: 754
T
TheFluke215 Offline OP
Pro Angler
OP Offline
Pro Angler
T
Joined: Jan 2011
Posts: 754
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.

Moritz Chevrolet - 9101 Camp Bowie W Blvd, Fort Worth, TX - Monte Coon (817) 696-2003
Re: Questions about Guides and taxes [Re: TheFluke215] #13431383 02/08/20 01:08 AM
Joined: Mar 2019
Posts: 2
C
codeman22 Offline
Green Horn
Offline
Green Horn
C
Joined: Mar 2019
Posts: 2
Is it a legit business or hobby. Big difference.

Re: Questions about Guides and taxes [Re: codeman22] #13431487 02/08/20 02:51 AM
Joined: Jan 2011
Posts: 754
T
TheFluke215 Offline OP
Pro Angler
OP Offline
Pro Angler
T
Joined: Jan 2011
Posts: 754
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
Joined: Mar 2017
Posts: 1,298
P
pchapin Offline
Extreme Angler
Offline
Extreme Angler
P
Joined: Mar 2017
Posts: 1,298

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.


“No reasonable person would conclude that the statements were truly statements of fact”
P01135809
Re: Questions about Guides and taxes [Re: TheFluke215] #13431661 02/08/20 07:43 AM
Joined: Nov 2008
Posts: 7,610
3
361V Offline
TFF Celebrity
Offline
TFF Celebrity
3
Joined: Nov 2008
Posts: 7,610
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
Joined: Mar 2017
Posts: 1,298
P
pchapin Offline
Extreme Angler
Offline
Extreme Angler
P
Joined: Mar 2017
Posts: 1,298
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.


“No reasonable person would conclude that the statements were truly statements of fact”
P01135809
Previous Thread
Index
Next Thread

© 1998-2022 OUTDOOR SITES NETWORK all rights reserved USA and Worldwide
Powered by UBB.threads™ PHP Forum Software 7.7.3