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What we collect!
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General Philatelic/Gen. Discussion : Of Taxes and Hobby Businesses (New Article)

 

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heyralph
Members Picture


18 Jan 2014
07:44:41am
Greetings SOR Members,

I'm happy to announce another article on our site from Steve Swain: Tax Tip: Does It Make a Difference If You Sell Stamps as a Hobby or For Profit?

While this latest contribution will be of interest to all, I imagine that our many vest-pocket dealers and philatelic entrepreneurs will want to pay particular attention. The article provides a basic introduction to the United States government's perspective on the difference between a hobby and a business, and more importantly what this difference might mean when it comes time to pay taxes on the income from stamp sales. Steve presents this information in a straightforward fashion that anyone can follow and understand.

I've already printed a hardcopy for my files!

Thanks again to Steve for his many contributions to SOR.

Best Regards,
Ralph

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dani20
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18 Jan 2014
10:35:25am
re: Of Taxes and Hobby Businesses (New Article)

Thank you Ralph, for the 'heads up'.

Steve,
Excellent stuff. Nicely done.It will be of value to those who may consider using the hobby as a potential tax deduction.
Best,
Dan C.

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philb
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18 Jan 2014
11:14:41am

Auctions
re: Of Taxes and Hobby Businesses (New Article)

I know a fellow who does about 30 thousand in internet sales...he declares it as a business. For someone like myself who sells 500 dollars or less and puts it right back into my collection i don't think the deduction would work !

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"If a man would be anything, he must be himself."
philauthor
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19 Jan 2014
02:26:20pm
re: Of Taxes and Hobby Businesses (New Article)

philb.

Perfect example / scenario. That's exactly correct. You are a "hobbyist" and be proud of it!

steve

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philb
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19 Jan 2014
04:48:14pm

Auctions
re: Of Taxes and Hobby Businesses (New Article)

Steve, at times i wish i could be a business and take the deductions some folks do..but i think i would have to increase my sales a bit...then it would not be a hobby it would be work !!Happy

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"If a man would be anything, he must be himself."
DavidG
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APS member since 2004

19 Jan 2014
08:02:41pm
re: Of Taxes and Hobby Businesses (New Article)

Phil:

My hobby is my work.

I love my job! Big Grin

David

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"President, The Society for Costa Rica Collectors"
        

 

Author/Postings
Members Picture
heyralph

18 Jan 2014
07:44:41am

Greetings SOR Members,

I'm happy to announce another article on our site from Steve Swain: Tax Tip: Does It Make a Difference If You Sell Stamps as a Hobby or For Profit?

While this latest contribution will be of interest to all, I imagine that our many vest-pocket dealers and philatelic entrepreneurs will want to pay particular attention. The article provides a basic introduction to the United States government's perspective on the difference between a hobby and a business, and more importantly what this difference might mean when it comes time to pay taxes on the income from stamp sales. Steve presents this information in a straightforward fashion that anyone can follow and understand.

I've already printed a hardcopy for my files!

Thanks again to Steve for his many contributions to SOR.

Best Regards,
Ralph

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Login to Like
this post
Members Picture
dani20

18 Jan 2014
10:35:25am

re: Of Taxes and Hobby Businesses (New Article)

Thank you Ralph, for the 'heads up'.

Steve,
Excellent stuff. Nicely done.It will be of value to those who may consider using the hobby as a potential tax deduction.
Best,
Dan C.

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Login to Like
this post
Members Picture
philb

18 Jan 2014
11:14:41am

Auctions

re: Of Taxes and Hobby Businesses (New Article)

I know a fellow who does about 30 thousand in internet sales...he declares it as a business. For someone like myself who sells 500 dollars or less and puts it right back into my collection i don't think the deduction would work !

Like
Login to Like
this post

"If a man would be anything, he must be himself."
Members Picture
philauthor

19 Jan 2014
02:26:20pm

re: Of Taxes and Hobby Businesses (New Article)

philb.

Perfect example / scenario. That's exactly correct. You are a "hobbyist" and be proud of it!

steve

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Login to Like
this post
Members Picture
philb

19 Jan 2014
04:48:14pm

Auctions

re: Of Taxes and Hobby Businesses (New Article)

Steve, at times i wish i could be a business and take the deductions some folks do..but i think i would have to increase my sales a bit...then it would not be a hobby it would be work !!Happy

Like
Login to Like
this post

"If a man would be anything, he must be himself."
Members Picture
DavidG

APS member since 2004
19 Jan 2014
08:02:41pm

re: Of Taxes and Hobby Businesses (New Article)

Phil:

My hobby is my work.

I love my job! Big Grin

David

Like
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this post

"President, The Society for Costa Rica Collectors"
        

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