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I was just wondering, if I sell fish from time to time, if I can write off my tanks and operating costs as a business expense?
Don't know much about the complexities of the tax laws my returns were always simple until I got married. Now my wife has business income and expenses she has to add in for doing private speech therapy. She's not really a business but according to how we understand the law it gets reported as business or other taxable income and she has some expenses to offset some of that but the last 2 years we have ended up owing quite a bit because it is not taxed up front. I was just wondering if anyone knows if my tanks and operating costs can count as business expenses as well to offset some of that taxable income since I have sold some of my fish? I'm not an official business but I do have (minimal) income from the fish sales and lots of fish expenses. Or is that not possible/legal? Anyone know how this works?
Don't know much about the complexities of the tax laws my returns were always simple until I got married. Now my wife has business income and expenses she has to add in for doing private speech therapy. She's not really a business but according to how we understand the law it gets reported as business or other taxable income and she has some expenses to offset some of that but the last 2 years we have ended up owing quite a bit because it is not taxed up front. I was just wondering if anyone knows if my tanks and operating costs can count as business expenses as well to offset some of that taxable income since I have sold some of my fish? I'm not an official business but I do have (minimal) income from the fish sales and lots of fish expenses. Or is that not possible/legal? Anyone know how this works?