T&B is Now a Business

Sorry for the lack of posting from me (although Ian's been doing a bang-up job in my stead). My schedule has been turned upside-down, as I am now a full-time, house-cleaning, dinner-cooking, grocery-shopping, stay-at-home father of a 1.5 year old. My wife now goes to the university library and Panera Bread to write her dissertation. We libertarians don't just believe in freedom, you know; we believe in responsibility.

Anyway, as my son napped yesterday, I used Turbotax to easily and quickly polish off my 2004 income tax returns. The software asked me if I am running a business, and it occured to me that I am -- in 2004 T&B and ALP became businesses. They have assets (a notebook computer that I use 50% of the time for blogging), expenses (web address & hosting), revenue (Google Ads), unpaid employees (Ian and the rest), and most of all, profit. This last is considerably more than others have earned from Google ads, and it is mostly due to the folks who use T&B as a forum to discuss Iraqi Dinar, though I have had a few posts that have brought in some money. (More on the revenue later).

My logic: if I'm earning ad revenue, I am running a business. I should be able to deduct expenses from running that business.

I already had T&B's and ALP's records in print and summed in Excel, and so I decided to file a schedule C for my blogs. It seems a justifiable and reasonable course of action to take, and I can fully justify all aspects of my business for an audit, the risks of which increase when filing a schedule C. However, my blogs have a positive cash flow, and I do not have a home office.

I haven't yet filed my taxes, since it's best to review these things with a clear head, but I thought I'd throw it out there.


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This page contains a single entry by Kevin published on February 17, 2005 4:19 PM.

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