Official Luthiers Forum!

[QUOTE=Scott Thompson] [QUOTE=Dave-SKG]There are several other facts and circumstances that are considered when making the "profit motive determination" you don't need them all or any certain one:......

8)elements of pleasure[/QUOTE]

So, we aren't supposed to be enjoying it if we build for profit?[/QUOTE]

I don't make these things up...the IRS does. But when you think about it...all Hobbies are done for enjoyment or you wouldn't do them. Many businesses may be profitable even though people hate doing them.

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Dave Bland

remember...

"If it doesn't play in tune...it's just pretty wood"

For you procrastinators...you have until Midnight tonight to get those returns done! GO FOR IT!

_________________
Dave Bland

remember...

"If it doesn't play in tune...it's just pretty wood"

I've never understood tax extensions. If you have enough information to know your tax liability, then you have enough information to file. If you don't have enough information to file, you don't have enough information to know your tax liability and you have to guess as to what you should pay. If you are too cautious, you over pay and give the governmanet an interrest free loan. If you aren't cautious enough, you under pay and have to pay a penality. Either way you lose money.

I think there are circumstances resulting in extensions. Last year I filed an extension because all my receipts (up to the move) were stored at a friends house in California when I moved the business to Oregon. This was a very temporary situation, but my friend left the country for a period and I couldn't retrieve the records in time. (well, maybe if I'd started sooner)   

Dave, you oughtta be relaxin' with a big umbrella drink about now!

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http://www.presnallguitars.com

You are right! A big umbrella drink! I started relaxing Friday. I don't do what most of the other guys do and work like mad till midnight and all that. So I am going to sand down this Rickenbacker that needs a re-finish. Then hit the pool...then maybe have one of those Umbrella drinks...

_________________
Dave Bland

remember...

"If it doesn't play in tune...it's just pretty wood"