Quote:
Originally posted by kirk
scaping up $2200 worth of write offs should be no problem.
k
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which will net a portion back in real dollars. This is not a tax credit. You'll get back only whatever rate your tax bracket is in.
You can always write off business losses against income, but over time you can never get back enough to offset the total dollars spent. Not even close. As you have stated, there are non-cash adjustments such as depreciation and mileage, but it is not significant here.
A common misconception is tax refunds vs. actual profit and loss. They are not the same thing.
I do agree with your point, Kirk, about expanding the station is not happening if it's just a hobby. Very true - the incentive is not there.