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Message Subject: 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

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