How to deduct winnings/expenses on taxes?

Bob Pagano · 01-04-2010, 01:33 PM

This is a reminder, if you claim it have it backed up and laid out for them to see. If you get audited and cant show what you claim they will sit and go thru ALL receipts until they find something that they can charge you for, the guy I had sat for 7 hrs till he picked out one thing to disallow, they will not leave till they do. I had a business plus hobby racing, they came to the house to do it and I had my CPA there also, believe me you do not want to get in that situation they are relentless. 7 hrs for an increase of $250 in taxes, what a crock.

01-04-2010, 01:33 PM	#8
Bob Pagano VIP Member Join Date: Jun 2002 Location: New Holland, PA Mooresville,NC Posts: 1,163 Likes: 248 Liked 16 Times in 11 Posts	Re: How to deduct winnings/expenses on taxes? This is a reminder, if you claim it have it backed up and laid out for them to see. If you get audited and cant show what you claim they will sit and go thru ALL receipts until they find something that they can charge you for, the guy I had sat for 7 hrs till he picked out one thing to disallow, they will not leave till they do. I had a business plus hobby racing, they came to the house to do it and I had my CPA there also, believe me you do not want to get in that situation they are relentless. 7 hrs for an increase of $250 in taxes, what a crock. __________________ Bob Pagano A/SA