I was doing my taxes using a popular tax program and in the Deductions section came to the line, "Hobby Expenses". Hot damn!, I exclaimed, and entered the amount for 2016. Instantly I saw the amount I owed the IRS change to a big refund! Oh the ecstasy!
Then I realized the IRS may not accept expenses for THIS hobby. So I zeroed out the Hobby Expenses. The big red number that I owe reappeared. Oh the agony. Then I did my MN taxes. Bigger agony.
Oh well... the Gophies won again, and there isn't a foot of snow outside from the Blizzard That Neariy Was. And taxes aren't due until April 17 this year. Life is good.
I missed the hobby check-off, but would support such a thing if it existed. In contrast to you, I'll be getting some money back, so I filed early. I wonder how many tax refunds get redistributed into the hobbying world.
Posted By: knotsaway
I was doing my taxes using a popular tax program and in the Deductions section came to the line, "Hobby Expenses". Hot damn!, I exclaimed, and entered the amount for 2016. Instantly I saw the amount I owed the IRS change to a big refund! Oh the ecstasy!
Then I realized the IRS may not accept expenses for THIS hobby. So I zeroed out the Hobby Expenses. The big red number that I owe reappeared. Oh the agony. Then I did my MN taxes. Bigger agony.
Oh well... the Gophies won again, and there isn't a foot of snow outside from the Blizzard That Neariy Was. And taxes aren't due until April 17 this year. Life is good.
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