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Tax shelter... your thoughts?

FatNakedGuyFatNakedGuy Registered Users Posts: 116 Major grins
edited February 2, 2006 in Mind Your Own Business
Interesting read on turning your "hobby" into a "business". Your thoughts?

http://moneycentral.msn.com/content/Taxes/Taxshelters/P33572.asp

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    Shay StephensShay Stephens Registered Users Posts: 3,165 Major grins
    edited February 1, 2006
    I see it as gimmicks and games with the intent of tricking the system to pay less taxes.

    What I would rather see is an article that talked about how to make profit from your business, instead of how to loose money to stick it to the man.

    These types of shenanigans would be better explored in an "I hate the government" type forum mwink.gif
    Creator of Dgrin's "Last Photographer Standing" contest
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    mercphotomercphoto Registered Users Posts: 4,550 Major grins
    edited February 1, 2006
    FatNakedGuy wrote:
    Interesting read on turning your "hobby" into a "business". Your thoughts?
    My first thought is the press doesn't have anything new to write. There have been stories like this for a long, long time. Turn a hobby into a business to deduct the expenses. Employ your children to deduct their "wages" (i.e. turn allowance into a tax deduction). The list goes on.

    Nothing to see here, move along. :D
    Bill Jurasz - Mercury Photography - Cedar Park, TX
    A former sports shooter
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    cabbeycabbey Registered Users Posts: 1,053 Major grins
    edited February 1, 2006
    And as my wife will attest, these types of gimics make for incredibly BORING court cases when the IRS gets annoyed enough to go after the folks that make a home business out of telling others how to do this same home business. (if I'm remembering the numbers correctly, her "how I spent my summer" would have been: over 60 days of jury duty, almost a 100 witnesses, 192 counts, 190 guilty, 2 not guilty.)
    SmugMug Sorcerer - Engineering Team Champion for Commerce, Finance, Security, and Data Support
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    BodleyBodley Registered Users Posts: 766 Major grins
    edited February 2, 2006
    FatNakedGuy wrote:
    Interesting read on turning your "hobby" into a "business". Your thoughts?

    http://moneycentral.msn.com/content/Taxes/Taxshelters/P33572.asp

    This article seems dangerous. Starting and operating a business is not as simple as it seems - frankly it's a PITA. All the forms and fees for sales tax, property tax, business lic. etc... if your going to be legal. If your not going to be legal, not only are you cheating the government, your also cheating the photog that is legal. Also, if your not careful, your setting yourself up for an IRS inquisition as they are aware that many people do this as a scam to pay less tax.

    Just remember when you cheat the government - who are you cheating? Maybe your kids, grandparents, disaster victims etc...

    As for me - my goal is to make a profit. clap.gif
    Greg
    "Tis better keep your mouth shut and be thought of as an idiot than to open your mouth and remove all doubt"
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