Jump to content

phisigs79

BB Participant
 View Profile  See their activity

  • Posts

    4,461

  • Joined

  • Last visited

 Content Type 

Posts posted by phisigs79

    Anyone used the color changing DI resin

    in General Discussion

    I have used it but never have I ever seen the color change all the way through when its exhausted. The inlet side usually changes color and i have to think back to when i changed it. IMO its not worth the extra money for the color changing resin. TDS meter will be a better investment.

    Taxes and Frags

    in General Discussion

    You can only deduct your expenses up to the amount of money you earn. Its a wash so its better to not claim any income at all. Now if you could claim a loss that would be a different story

    Taxes and Frags

    in General Discussion

    Try it and let us know!

     

     

    Hobbies vs. Business

    Hobbies are those activities that aren't pursued for profit. If your hobby shows a profit in at least 3 of the last 5 tax years, including the current year, the law assumes you're trying to make money. If you fail the 3-of-5-year test, then it's assumed the activity is a hobby. Either assumption can be overcome with evidence to the contrary.

     

    If your activity is a hobby, report your income on line 21, Form 1040. You can't deduct expenses in excess of your income, and you can only deduct qualifying expenses if you itemize deductions. Hobby expenses are among the deductions subject to the 2% of AGI floor. Special ordering rules apply to the deductions you can claim. See IRS Publication 535.

     

    Expenses from an activity conducted as a business (that is, for profit) are deductible even if they exceed the income from the business. Report the income and expenses on Schedule C or Schedule C-EZ. Use Schedule F if the activity ia a farm activity.

×
×
  • Create New...