Quote:
Originally Posted by Julie Jordan
However, even if you don't claim the racing as a business but as a hobby you may still need the information for tax purposes. If you win money in any given year, you will be given 1099's. You claim this income as hobby income and expenses (up to the amount of income) as hobby expenses.
|
Thanks for the advice Julie!!
Quote:
Originally Posted by Jeff Lee
Once I pulled my keys out of my pocket. The same pocket I had stuffed the machine shop invoice in to stash away. Out came the invoice. Didn't know it. My wife found it a few minutes later laying on the floor. Her eyes poped out of her head and boy, what a day that was! Come to think of it, it was a lot longer than a day...
Now, I destroy all receipts or in the case of the machine shop, don't even take one!
|
Jeff, I think we're married to the same woman.....
