Matt, the newly minted tax expert, is back to talk tax implications of reselling, MS, small businesses, and more. He’s got some great advice about deductions, avoiding audits, and minimizing taxes. Lots of great food for thought for anyone trying to figure out how to fit the game into their tax returns (and good reasons to make sure to put it in there!) Recorded 4 Apr, 2017.
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This was a pretty free flowing conversation but I’ve done my best to highlight certain sections below.
0:00 – Joe looks back at Episode 52 (electronics ban) and pokes some fun at his cohosts
4:20 – Matt’s fuzzy recollection of Disney
7:17 – Matt’s cruises and growing cruise line status
10:07 – Why matt’s knowledge about taxes has skyrocketed this year
14:19 – Taxes and reselling, declarable income, determining cost basis, case study (buying goods with gift cards)
19:08 -Rebates or discounts?
22:07 – Deductions, to Schedule C or to incorporate?
27:21 – Deductions for travel expenses as a reseller/hobbyist
32:29 – Any hard and fast rules for triggering audits? (Nope)
34:11 – Business travel deductions when traveling with family
36:27 – How being in the red affects your taxes, Matt’s near ascendant gig
41:41 – When should you start a separate business? Plus I bug Matt for some personal tax advice.
Music: “She” by Still Pluto