Is This Worth $100 ?

[thistlebloom]

With a Day lily business I would justify it and use as business expense writeoff.

Mary

Shhhh..... gotta be careful what you say..
you-know-who might be taking notes....

 

[ninnymary]

Shhhh..... gotta be careful what you say..
you-know-who might be taking notes....View attachment 25843

The thought did cross my mind, haha. But hey, she has a legit business.

Mary

 

[Nyboy]

Shhhh..... gotta be careful what you say..
you-know-who might be taking notes....View attachment 25843

 

[catjac1975]

With a Day lily business I would justify it and use as business expense writeoff.

Mary

With a Day lily business I would justify it and use as business expense writeoff.

Mary

Still trying to make a profit!

 

[bobm]

Still trying to make a profit!

Trying or actually making a profit ? According to US tax code, to qualify as a business and write off expenses of doing business, you have to actually make a profit after all expenses in 3 out of 5 previous years. Otherwise you will be classified as a hobby and not be able to deduct expenses. Just saying ...

 

[catjac1975]

Trying or actually making a profit ? According to US tax code, to qualify as a business and write off expenses of doing business, you have to actually make a profit after all expenses in 3 out of 5 previous years. Otherwise you will be classified as a hobby and not be able to deduct expenses. Just saying ...

Yea. just a hobby.

 

[catjac1975]

Trying or actually making a profit ? According to US tax code, to qualify as a business and write off expenses of doing business, you have to actually make a profit after all expenses in 3 out of 5 previous years. Otherwise you will be classified as a hobby and not be able to deduct expenses. Just saying ...

I remember you saying this in the past and am being very conservative.