Quote Originally Posted by JoshJP7 View Post
Ive been thinking about this as well... I have invested some $$ in BP's but did not claim that on my taxes this yr... my plan is to not claim my profits until i break even... so I invested X and until I make back X amount of $$'s I'm not going to claim anything. Im not sure if thats a good idea or not, hopefully someone will chime in. Also I plan on registering as a business in NY but it didnt make much sense to fill out the paper work this yr when ill have 0$ in sales since my snakes arent breeding till this Nov. so I plan on registering all that good stuff next yr(09).
BAD idea......

If for any reason you are audited, they will see income much quicker than they will see expense from previous years and either way its tax evasion....

So year one you "loose" 10K
Year two you make back 5K
Year three you Make 10K

Unless this is all cash, not checks, paypal, money orders or credit cards, it will hit your account. IRS will then see the $15k came in and you only reported 5K.

Show your lose, show your earnings.....