Tax Question

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Bill The Grill Guy

Master Chef
Joined
Jan 17, 2005
Messages
5,454
Are the dues we pay for KCBS, MABQA ect tax deductable? This is for personal taxes not buisness taxes.

Thanks.
 
Bill The Grill Guy said:
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.
 
Captain Morgan said:
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.
 
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
 
wittdog said:
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
 
Ain't nothing fair about taxes...what pisses
me off the most is when you get a return,
you have to count that is income and pay
taxes on it....again.

That ain't income...it's money I was already
taxed on, and just paid too much...it ain't
income, it's return of outgo. That's dual
taxation and I think it stinks!
 
Captain Morgan said:
Ain't nothing fair about taxes...what pisses
me off the most is when you get a return,
you have to count that is income and pay
taxes on it....again.

That ain't income...it's money I was already
taxed on, and just paid too much...it ain't
income, it's return of outgo. That's dual
taxation and I think it stinks!

I don't think you do unless you gave then your SS# & they send you a 1099
 
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