I run my shop legally and report all my income to the IRS and also pay all sales taxes, etc. I was wondering if it was legal for me to write off hunting and fishing trips that I go on to collect specimins to mount for my customers to see as exemples of my work?Thanks, Ryan
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Several years I was auditied, the IRS person said NO a big fat NO.
Unconditionally NO. You would have to seperate the fun vacation potrion from the business portion and thats pretty much impossible.
On the other hand you can deduct all fiberglass reproduction, antlers, skins, horns and birds you buy for display or resale. Even Cecils famous fish.
I have been allowed to write off everything on my trips to "collect specimens." Sat down with the IRS a time or two (MORE) and they said it was legal and NO PROBLEM. Go figure? I am NOT complaining!
Business as usual!
Mr. KIM
since it is illegal for me to purchase specimens within my state, according to wildlife laws, I must hunt and fish for my display specimens and I can use them as a legal tax right off. I have always be leary of this right off, but I am trusting my tax preparer. John C. may very well be right. It has never sounded correct to me. Now, John is in a state where they can buy and sell many more wildlife items. So that may be a difference. With my luck, the IRS will be all over me one day. Good Luck, check with your CPA.
John, by code you can deduct ALL the expenses MINUS the actual cost of the hunt itself. Your travel, your lodging, your food (if not included int he cost of the hunt or fishing trip) are legal deductions. Any mileage you accrue in the course of your business IS deductible as long as you have verifiable proof of it (i.e. business receipts, hotel bills). You can deliver a piece across the country and do the same thing. You examiner is full of BS like a reported 85% of them are. Most IRS examiners are not qualified in all their own requirements and thats why you should have a lawyer accompany you on any audit. REMEMBER, HOWEVER, this only applies to professionally licensed taxidermists who use the income as a primary job. I also write off professional memberships and periodical subscriptions which pertain to my business. (Just like your doctor's office does.)
Just a note. I've found that CPA's are not the best people to complete your taxes. They ARE CPA's, and not tax preparers. A good tax preparer goes to school every year to learn about the newest rivisions and updates while CPA's are only required every TWO years. Tax preparers (NOT H&R Block either) are usually much cheaper and tend to work more closely with your individual concerns.
Saw it after I wrote it. It does NOT have to be your PRIMARY income, but you do have to be a licensed professional (i.e., have a business license or an established business in those few places that don't require licensing).
My tax preparer allows me to write off all hunting trips for reference, and research of the actual animals habitat and such. Take lots of pictures of the specimen hunted for, and all milage lodging food ect.
I know if you take a vacation and apply for a job that is your current position,it is tax deductible.I know there are fisherman that fish tournaments that deduct all their yearly expense as they recieve a 1099 at the years end so if it is going to count as income,then you can deduct your expense.I know,if I don't recieve a 1099 then I don't worry about it because if it isn't deducted as an expense from the other party, then the IRS doesn't know you received income.Won a new Ranger boat 2 years ago at a tourney and never received a 1099 so wasn't a problem.My partner is an CPA and does audits on companys and he says you have to show you are doing it other than a hobby.So,I would say if you go hunting,pick up a specimen to bring home then everything is deductible other than your license to hunt.Honestly,if you keep good records and are a smaller business,then you don't have much to worry about.It is when numbers don't add up and sends up a flag,then they will audit you for sure.