Since I am always on top of things, I am finally working on my income taxes this weekend, and I noticed that the tax software says I can take a deduction for Hobby Expenses.   What is this, a holdover from the Bill Clinton era?    What do you think, should I tell them what I spend on my hobby?  haha.

And the perp walk? And the jail term? CPA told me it's a "kindler, gentler" IRS so give it a shot. Yeah, this sounds like a great idea.

I heard that in those audits, they are now so gentile that they actually sweet talk you before they give you a colonoscopy.  That is kinder and gentler than they used to be for sure.

This is if you have income from a hobby (not THAT hobby) like you occasionally sell some paintings you made, but it is not a real business. You can deduct expenses, but not take a loss.

Hobby expenses are indeed deductible and YOU can have losses in 2 out of every 5 years.

So you're telling me I have two more days to amend my return? Can I do so retroactively to 2001? Might not be a Space Odyssey...more like a "BluePill, you're bunkin' with Nunzio" Odyssey in cell B14.  

You mean something like: "Hello Mr. Nice IRS Man, I am deducting 20,000 in whoring expenses this year because I am conducting very extensive and thorough research on all kinds of whores, and I intend to use this information in order to write my upcoming novel about whoring."
 

Posted By: ChgoCPA

Hobby expenses are indeed deductible and YOU can have losses in 2 out of every 5 years.  
   
 As far as expensing this whoring game we play...use your imagination    
   

Posted By: michael_z971

This is if you have income from a hobby (not THAT hobby) like you occasionally sell some paintings you made, but it is not a real business. You can deduct expenses, but not take a loss.

i always deduct my whoring expenses as a "business lunch"..they do taste pretty good at noon..midnight..not so much..

Posted By: ChgoCPA

Hobby expenses are indeed deductible and YOU can have losses in 2 out of every 5 years.  
   
 As far as expensing this whoring game we play...use your imagination    
   

Posted By: michael_z971

This is if you have income from a hobby (not THAT hobby) like you occasionally sell some paintings you made, but it is not a real business. You can deduct expenses, but not take a loss.

But I'll bet you aren't showing that schedule C as a hobby...are you?

Rarely examined for accuracy...or so I hear  LOL

Those lunches are limited to 50% deductions.

I actually had a Jewish auditor that worked for the State of Illinois a while back.  Thought it was a tad bizarre as most state auditors have virtually NO tax backgrounds.

"A tax lawyer spent more than $65,000 in a year on prostitutes and pornographic materials. He deducted the total as a medical expense, making a novel argument that cited the positive health effects of sex therapy. However, the Tax Court red-lighted his write-off, saying that his conduct not only was illegal, but also wasn’t for the treatment of a medical condition."

Yea but for rental expenses, I would need a W9 from the whores and I would have to issue them a 1099, what a nuisance!  

Too bad he didn't come to me to work his numbers up.  Why the fuck highlight it on Schedule A.  

I know..."And don't call me Shirley"  

That guy used the wrong arguments.  I would have said that I suffer from ED, and I can only get temporary relief from this horrible condition by whore mongering.

Ond day serious medical conditions will be recognized. People may laugh but "Blue Ball Syndrome" is a SERIOUS medical condition. Working gals are doing their best to combat this dreaded problem, and I thank you all.

Hey, you are absolutely right.   D'Oh!  

And I do believe he use your exact argument the first time he was indicted for tax fraud.  After he served his 6 years and got his license back he decided to use this other method figuring..."what could possibly go wrong"  

I recall that blue ball syndrome was covered under Bill Clinton's proposed healthcare plan that wasn't passed back in the day.  Cigar expenses and dry cleaning expenses were also deductible as a valid healthcare expense under that failed healthcare plan.

See...wasn't that tough

Just get creative...yet maintaining that edge of believability.

Office expense.

So let me get this all straight:

I might split up the 65k of whore mongering between advertising and rent.  This assuming that my total revenues are large enough to not highlight a ratio between these expenses.  Otherwise we might want to capitalize the whore mongering expenses of 65k and take Section 179 to accomplish the same using depreciation.  Pussy is a depreciable asset....yea, sure it is.  The hookers wear out over a stated time and we could use MACRS for any additional depreciation.

Interesting stuff indeed.  Pussy can indeed be capitalized and depreciated.  That way your balance sheet will have a line item that says "Pussy" under the assets column.  I always wanted to have a company with a balance sheet that said that.  

This is funny, although I am sure if you had reciepts for every provider you saw you could claim this..

... he can't help himself lol

Should you capitalize or depreciate a boob job?

Capitalize...of course

And with some they may qualify as National Treasures.

After all, they raise hundreds of cocks each year, don't they?

(still not a CPA - and with good reason too.)

And she's a hottie too  :