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Re: The tax man is here
[Re: brushwhacker]
#3654667
04/18/22 03:12 PM
04/18/22 03:12 PM
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Joined: Dec 2002
Posts: 52,130
Round ‘bout there
Clem
Mildly Quirky
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Mildly Quirky
Joined: Dec 2002
Posts: 52,130
Round ‘bout there
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1. IRS tax code section 179 was changed in 2018. I think it allows any equipment you bought for business can all be claimed 100% for depreciation the first year u buy it instead spread our over years.
2. Almost everything they spend is deductible.
3. U can start a side hustle an claim loss for 3 years but 4th year have show a profit or the irs can consider it a hobby.
4. The thousands i pay in taxes help keep these deadbeats up.
1. This is how it was explained to me, too. Take it all now, or depreciate, but probably better to take it all now depending on the situation. 2. Yep 3. It's been like this for years. Either start turning a profit or they will view you as just having fun. 4. Always has, always will.
"Hunting Politics are stupid!" - Farm Hunter
"Bible says you shouldn't put sugar in your cornbread." Dustin, 2013
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