Tax issues
dcates
Posted 9/21/2003 7:53 PM (#82391)
Subject: Tax issues




Posts: 462


Location: Syracuse, Indiana

What are some of the (U.S.) tax implications of guiding?  I know income is taxable, but what about expensing capital items (boats and/or equipment)?  Depreciation?  Casualty loss of lost equipment?  I am not looking for a detailed explanation of the tax code and regs, just an indication of what is possible.

sworrall
Posted 9/21/2003 8:19 PM (#82397 - in reply to #82391)
Subject: RE: Tax issues





Posts: 32892


Location: Rhinelander, Wisconsin		Guiding is a business much like any other service occupation. A P&L includes the usual write-offs and expenses.
Oneida Esox
Posted 9/22/2003 7:55 AM (#82435 - in reply to #82391)
Subject: RE: Tax issues


I was told that becasue my "real" job nets me much more than guiding, that my guide business is a "hobby business" and I can only deduct up to my net guiding income.

I guess I need to quit my "real" job!!!!!

John Stellflue
Onieda Esox Guide Service
www.oneidaesox.com