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Business verses Hobby

Business orientated
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Original Message Post # 1
Fri 17th Apr 2009 00:11
Michael Munyon

USA-6-1018
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Joined: 04/12/2006
Topics: 20 Replies: 46

Greetings,

While doing my taxes this year I was lucky to show another loss from "teaching" martial arts. The guy who did my taxes basically stated that I can't show a loss for 3 years straight or some jazz like that. Now that I'm in Nebraska, I'm not formally teaching a lot. In fact, I train my small flight of cops for FREE twice per week as part of their PT.

The guy who was doing my taxes (on base it's free to military personnel) basically asked if it was more of a hobby then a business. That got me thinking. How do I go about proving that it's a business more then a hobby?

If anyone has some inputs to this I'd love to hear them. It would be great to be able to write off a lot of stuff as far as my training, teaching, equipment, travelling and etc as a businiess verses a hobby.

Thanks.

v/r

Michael Munyon

Michael Munyon, VI Dan
US-ITF Armed Forces Director
Serving America, Armed Forces and the ITF
Post # 2
Top Thu 14th May 2009 13:32
Bob Borja

GER-6-1004
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Joined: 10/01/2007
Topics: 27 Replies: 123
Hi Mr. Munyon,

Hope all is well on your side of the Atlantic.

Good topic. Here are two links which you may find useful:

http://www.fool.com/personal-finance/taxes/2007/02/22/is-your-hobby-a-business.aspx

http://www.googobits.com/articles/2345-is-your-hobby-a-business-for-tax-purposes.html

Good luck.

                                                           Vincit qui se vincit.                                                                  
                                             He conquers who conquers himself.                                                     

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