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Old 02-10-2008, 08:58 AM   #1
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Tax Question

Are the dues we pay for KCBS, MABQA ect tax deductable? This is for personal taxes not buisness taxes.

Thanks.
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Old 02-10-2008, 09:08 AM   #2
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Re: Tax Question

Quote:
Originally Posted by Bill The Grill Guy
Are the dues we pay for KCBS, MABQA ect tax deductable? This is for personal taxes not buisness taxes.

Thanks.
No! BBQ Competition is considered a Hobby. If you have a legitimate BBQ Business of some sort you could write the dues off as advertisement/marketing cost.
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Old 02-10-2008, 09:31 AM   #3
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Thanks Larry.
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Old 02-10-2008, 09:33 AM   #4
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but you can write em off on your business taxes for
your catering! Research, development, marketing etc.
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Old 02-10-2008, 09:38 AM   #5
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Quote:
Originally Posted by Captain Morgan
but you can write em off on your business taxes for
your catering! Research, development, marketing etc.
Yep, thats what I thought. I haven't gotten all the "paper work" done for the buisness. The wife is afraid once I go lagit then the Colleges wont give us as much money twords tuition. Gotta wait till next year for that.
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Old 02-10-2008, 10:51 AM   #6
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Professinal dues can be deducted under education, but you have to show income & list your catering as a business. If you get audited they will ask if you work full time or part time for your catering Co. They can then start phuckin with ya about employee business & taxes.

If you only do this on weekends don't try messin with this. Its gonna throw up a red flag for the IRS & they will probably audit, You will need a good CPA if that happens
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Old 02-10-2008, 11:29 AM   #7
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Yeah but they can tax our winnings...
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Old 02-10-2008, 01:45 PM   #8
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Quote:
Originally Posted by wittdog
Yeah but they can tax our winnings...
Your hobby expenses can be claimed as a "miscellaneous deduction" up to the amount of your hobby earnings. But, you only get to claim those miscellaneous deductions that are above 2% of your Adjusted Gross Income. So if you had $2000 in hobby earnings, you could list up to $2000 of related expenses (dues, entry fees, travel costs to contests, etc.) into your miscellaneous deductions. Then, to the extent that your miscellaneous deductions (the bbq hobby expenses, along with anything else that falls into the miscellaneous category) exceeded 2% of your AGI, you would get to count that excess as a deduction. I think it would be fairer only to tax you if you made a profit for the year, but somehow they forgot to ask me when they wrote the tax laws.

http://taxguide.completetax.com/text/c60s15d080.asp
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Old 02-10-2008, 02:08 PM   #9
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Lucky this isn't the blue room or I'd share my thoughts on the IRS.
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Old 02-10-2008, 02:18 PM   #10
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Originally Posted by Griff
Lucky this isn't the blue room or I'd share my thoughts on the IRS.
Yeah, they rate right up there with lawyers!
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