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Old 10-24-2011, 06:09 PM   #21
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Nords is correct , you have to take your expenses, and your depreciation. The IRS is aware that people manipulate their expenses on Sch. C to maximize credits such as the earned income credit, either lowering or raising their expenses to hit the sweet spot for a maximum credit.

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Old 10-24-2011, 07:35 PM   #22
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One thing I've done in the past is this: if I drove into town for a gig, but also bought something, I could choose to not deduct the mileage costs, or could choose to deduct part of them.

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Old 10-28-2011, 07:00 PM   #23
Thinks s/he gets paid by the post
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Supposedly the answer is here:

IRC 183: Activities Not Engaged in For Profit (ATG)

some more digging required to see where that statement is but it seems like the water is here if the horse wants to drink..........

Re: Must you take all business losses?
Posted by: MadDog (IP Logged)
Date: October 28, 2011 03:57PM

From the IRS Audit Guide (revised 6/2009) for section 183...

Examiners should be alert for situations where the taxpayer may have manipulated income and or expenses to meet the presumption rule determination.

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