Where do you draw the line b/w hobbyist and business. As a lease manager I have no intention of earning a living or even making money as an outfitter. However, could I put together a business plan, start a sole proprietorship call Justin's Outfitting Service, run it as at loss and write off all my hunting expenses at the end of the year? How long could I run it at a loss according to the IRS before they say its not a legit business. I'm just thinking my truck, trailer, 4 wheeler, mobile home at the lease, gas corn, feeders, stands, the cost of the lease, utilities etc are all legit business related expenses. So how do I structure things to be a legit, crappy, business man that can get some tax breaks to help offset what I pay on my other income?
If this is possible and you'd like to be paid for the advice/consulting you offer me. Just PM me. If its legal (thinking it through in my head I see no reason why it couldn't legally be done), then why not take advantage of this. At the very least I'd like to see if the tax savings are worth the pain in the butt to document everything properly.
If this is possible and you'd like to be paid for the advice/consulting you offer me. Just PM me. If its legal (thinking it through in my head I see no reason why it couldn't legally be done), then why not take advantage of this. At the very least I'd like to see if the tax savings are worth the pain in the butt to document everything properly.
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