Big Bass Bash

[DADAKOTA]

Apparently me too

[DChance]

13 hours ago, fishinwrench said:

If a guy has been busting his rump fishing tournaments for 7 years, bucking the expenses all along the way, and then FINALLY has a good day and gets a fat check.... it's a genuine kick in the nuts to have Uncle Sam standing at his mailbox with his hand out demanding a slice of it.  

Interest on boat loan=deductible.

Tackle expenses=deductible.

Fuel & oil=deductible.

Mileage (or fuel) on tow vehicle?

Maintenance? 

Lodging?

Entry fees?

I had 1099's up to 16-18k in '93-94 and I didn't have to pay in anything.  And that was with a little old lady down the road filing my taxes.

Did this for a few years after I won pretty big in a Bash and was tournament fishing before we had kids. Soon as I started slowing down and not showing much or any income coming in, it was time to quit. nice while it lasted. My accountant is on top of the game.