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Jump to page : 1 Now viewing page 1 [30 messages per page] More Muskie Fishing -> Basement Baits and Custom Lure Painting -> TurboTax

Message Subject: TurboTax

Grunt Lures

Posted 1/29/2007 3:58 PM (#234881)
Subject: TurboTax

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

Muskiemetal

Posted 1/29/2007 4:26 PM (#234884 - in reply to #234881)
Subject: RE: TurboTax

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.

Grunt Lures

Posted 1/29/2007 5:42 PM (#234897 - in reply to #234884)
Subject: RE: TurboTax

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

brandonschorle

Posted 1/29/2007 5:47 PM (#234899 - in reply to #234881)
Subject: RE: TurboTax

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!

Muskiemetal

Posted 1/30/2007 10:01 AM (#235005 - in reply to #234881)
Subject: RE: TurboTax

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

castmaster

Posted 1/30/2007 9:54 PM (#235191 - in reply to #234881)
Subject: RE: TurboTax

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?

Muskiemetal

Posted 1/30/2007 11:15 PM (#235207 - in reply to #234881)
Subject: RE: TurboTax

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.

Griz619

Posted 1/31/2007 8:10 PM (#235403 - in reply to #234881)
Subject: RE: TurboTax

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

Grunt Lures

Posted 1/31/2007 8:54 PM (#235410 - in reply to #235403)
Subject: RE: TurboTax

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!

castmaster

Posted 2/1/2007 7:34 AM (#235467 - in reply to #234881)
Subject: RE: TurboTax

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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