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Posts: 786
Location: Minnesota | How many of you use TurboTax for your tackle companies? Just curious how well it works for fsihign lure companies and if I need anything extra. I have a small business already but, it is far far away from a lure company.
Thanks!
James |
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Posts: 676
Location: Wisconsin | It's nice to use, just as long as you have all of your paperwork and receipts ready to go. I did all of my taxes in about an hour, it runs through everything pretty well and gets you all the schedules you need. It even found some deductions that I didn't even know about which was cool. |
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Posts: 786
Location: Minnesota | Muskiemetal,
Thanks. I have everything ready to go in different stacks. Just did not know if selling fishign lures fell under some odd tax rule or not that TurboTax does not have in its program.
How many of you buy "samples" to use during your lure making and write off? Not sure if I could pass any of my other lures off as "samples" if the tax man came knocking The only think is my special tackle box from Lakewood (AO42) as it is the only tackle box I could find to put my Grunts in to take out to test. Otherwise I don't use it for fishing as I have the larger Lakewood box for my muskie tackle.
James |
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Posts: 405
| My father is an accountant and im following him if you have any questions he is super smart! and could help you with your business just pm me! |
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Posts: 676
Location: Wisconsin | I like that idea, write off the Lakewood!! Very nice. It is for work per se. I am going to remember that one, thanks!
good fishing!
chad |
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Posts: 910
Location: Hastings, mn, 55033 | so can a guy write off the boat payment, trip costs, gas etc as research and development and product testing? |
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Posts: 676
Location: Wisconsin | I think a company can buy a boat but you have to show that it was used for more than 50% for business, I think....maybe wrong. But if you was using it for product testing, at tournaments, clients out on, etc. you could use that as a business purchase. I am quite sure the IRS would be checking you out if you deducted a boat. |
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Posts: 71
| They can check all they want, If you make fishing lures and the boat is used for fishing it is called research and development. However a jetski will raise some flags.
Pete |
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Posts: 786
Location: Minnesota | I think the items you write off for your business have to be used 100% or close to it for a write off. Worth the question though.......Well worth it if you have an extra $30k to write off! |
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Posts: 910
Location: Hastings, mn, 55033 | Grunt,
i dont think items need to be used 100% for business purposes to write it off. you can write off a percentage of the $$ spent based on what percentage is business used.
for example if you have a home office that takes up 10% of the square footage of your house you can then write off 10% of your mortage payment. or if a cell phone is used for business and personal use you can write off 50% of the cell phone bill, internet access etc.
and while a small lure maker will most likely never have $30k in income you can report a loss for 4 years, and eliminate any tax due other than excise tax.
works for the big dogs why not us little guys to! |
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