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Member
Posts: 3899
| I have Hooters. Not sure if I am going to renew for next year. Square D is on board already, whether I fish tourneys or not.
Big Boy? I thought Big Boys were long gone here in WI. There goes that man-crush thing again. |
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| Randy any tax person is qualified. You are basically running a small business and they will combine that with your current employee tax . Most of the information you might wanna read up on are on the state of wisc and federal tax site. I use ASK associates in appleton. |
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| I think BeFishin does taxes. |
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Member
Posts: 580
Location: Green Bay, WI | Yes but...in the case of an audit you have to be a CPA, a tax attorney or an Enrolled Agent to represent someone other than yourself, in front of the IRS.
I am ending my fishing schedule C because I am a good enough business person to know that I can't make a living fishing 
Or in other words, I'm not that good of a fisherman. |
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Member
Posts: 1195
Location: Orland Park, IL | Yer a fine fisherman bob. And yes, CPA, tax attorney or EA is represent in front of the IRS.
There is no hard fast rule, but keep in mind, the window is usually 3 years. Losses for 3 years will trigger a closer looksie. So, have all your ducks in a row. If profitability cannot be demonstrated, you stand the chance of having your C classified as a hobbie. Then the deduction is disallowed, with penalty and interest assigned. |
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Member
Posts: 921
Location: Manitowoc, WI | I'll have to ask my cousin, who is my CPA, but I believe there is an IRS publication that says that you have to show intent to increase your income if you are in a business especially as a sole proprietor. |
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Member
Posts: 1188
Location: Chicago IL. | WOW !!!!!!! I`m glad I dont win money fishing tourneys. HEHEHEHE |
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