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Scot
08-10-2005, 01:00 PM
Are there any CPA's or small business experts on this site that has cracked the code and turned their water sports activities into a, uh hum, a business? :D

milkmania
08-10-2005, 01:48 PM
I don't understand the question:o

guess I'm going to have to translate it into "maglish"

you talking about starting a ski service and makin' money?

dang, why didn't I think of that....more swimsuits:woohoo:



unless we're talking about "watersports" againhttp://forums.consumptionjunction.com/images/smilies/puke.gif

AirJunky
08-10-2005, 01:58 PM
Kind of..... although I'm no CPA.

AirJunky.com has made money for about 10 yrs now.... not a ton, but enough to get a few trips each year, and a few extra bucks out of it. When we started it, the model was always No Fear. Similar idea..... it's a mindset, a few products, hats, shirts, started in a niche sport, etc...... guess I need to figure out how to market it the way they did.

One thing to add..... I've always used personal funds to pay for the boat. Maybe when I upgrade, I should look into using the boat as a write off for the co.

Last thing...... we did lessons in the beginning. But the insurance expense was killing us!

tex
08-10-2005, 02:07 PM
I don't understand the question:o

guess I'm going to have to translate it into "maglish"

you talking about starting a ski service and makin' money?

dang, why didn't I think of that....more swimsuits:woohoo:



unless we're talking about "watersports" againhttp://forums.consumptionjunction.com/images/smilies/puke.gif

I'm a fan of less swimsuit!

Ric
08-10-2005, 02:14 PM
Are there any CPA's or small business experts on this site that has cracked the code and turned their water sports activities into a, uh hum, a business? :D
ski school

.

BigBarney
08-10-2005, 02:30 PM
If you are asking how to deduct water activity expenditures (i.e. boat, skis, gas, etc...), then the issue would be do you actually have a business to deduct them under. What I am getting at is that you need to show some kind of income against the expenses.

If I had to travel in my work, I would definitely add my boat gas expenses in with auto gas expenses for the tax deduction. Any other items might find their way in too!

6ballsisall
08-10-2005, 02:36 PM
If you are in sales or customer hands on capacity it's easy. Just make sure to get one of them on the water once or twice throughout the year and voila!!

Scot
08-10-2005, 02:45 PM
If you are asking how to deduct water activity expenditures (i.e. boat, skis, gas, etc...), then the issue would be do you actually have a business to deduct them under. What I am getting at is that you need to show some kind of income against the expenses.


What you said...

Anyone can go down the court house and get a DBA and be in business. With that comes filing taxes quartery to include any assests you are claiming for the businessas as well as income, (if any) of course. I'm thinking you could open a "boat ride" bussiness to write off any expense to get to the lake, and be on the lake, etc. I'm just thinking of the assests you would have to claim, like the boat, tow vehicle, etc. that you would have pay taxes on that might not make the whole thing worth while....

I guess the real question is how long can you operate a business at a loss before you can no longer write off the losses on your taxes?

AirJunky
08-10-2005, 02:51 PM
I guess the real question is how long can you operate a business at a loss before you can no longer write off the losses on your taxes?

I'm told after 3 yrs the IRS is seeing red flags.