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spikedzombies
02-25-2014, 10:54 PM
So i just started out my side/hobby business.. it deals with firearm accessories, magazines, tactical gear and such..

Say I build a rifle with items I sell in the store/online to show at gun shows and take with me to local ranges and such to show off potential items/mods to clients..

can I write that off on my taxes?

Say I buy $400 in accessories/modifications for a rifle to use as a display/hands on item to drum up business.. is that a write-off?

LindaKay
02-26-2014, 01:55 PM
I'm pretty sure that you should be able to use that as a business expense. You might want to ask a tax professional first to be sure, though.

cpefley
02-26-2014, 02:34 PM
Sounds like a business expense to me. I would try calling the IRS for free tax advice or asking a tax professional. However, most things like that are definitely write-offs in the tax year that they are bought.

AlecD
02-26-2014, 05:19 PM
That's a business expense for sure. It's advertising technically.

LindaKay
02-27-2014, 10:05 AM
It should be. I just wonder if it matters that it's a firearm? My guess is that it shouldn't, but with stuff like this, I think it's always a good idea to ask a pro.

CSomm
02-27-2014, 12:57 PM
It doesn't matter what the item is, if you aren't selling it and you possess it as an asset, some portion of it is deductible. This deals directly with your business and appears on your ledger, and you use it in store for advertising. Every single item you've has to some degree effected your overall tax burden, and you aren't selling this one, which will provide some small tax relief.

soopersonic
03-03-2014, 10:05 PM
It is definitely a business expense! If you bought the item with business funds, then the corresponding account would be your marketing ledger, or alternately, a trade show expense, if you have a separate category for these expenses. It doesn't matter that the item in question is a firearm (as suggested above) because it is related to your business.

Marshall Golub
07-27-2014, 10:19 PM
So i just started out my side/hobby business.. it deals with firearm accessories, magazines, tactical gear and such..

Say I build a rifle with items I sell in the store/online to show at gun shows and take with me to local ranges and such to show off potential items/mods to clients..

can I write that off on my taxes?

Say I buy $400 in accessories/modifications for a rifle to use as a display/hands on item to drum up business.. is that a write-off?

I think this is a great thread

smallbus
08-09-2014, 03:57 PM
This was a great topic to read.

Jschultz
09-23-2014, 12:51 PM
Mr Zombie

It is possible that you have a inventory item there. It sounds like you took a bunch of items and assembled them. If those items were written off in the past then you would not write them off again. If you ever plan to sell the item then I would keep it in inventory. Otherwise it is probably can be expenses. Do not call the IRS and ask their opinion. That is not what the IRS is for.
Jeff

Allan Madan
01-05-2015, 01:39 PM
Yes, since that is a expense used for the purpose of earning income it can be written off. Refer to the article: http://madanca.com/blog/tax-write-offs-for-small-business-in-canada-by-accountant-toronto/ (http://http://madanca.com/blog/tax-write-offs-for-small-business-in-canada-by-accountant-toronto/)
It provides overview of the tax write-offs for small business.

Thanks,
Sincerely,
Madan Chartered Accountant
www.madanca.com (http://www.madanca.com)

andrew2510
03-23-2018, 07:26 PM
Business that don't have income or turnover usually don't have to pay anything. This is how it works in countries where the progressive income tax is applied. Where I live, in Albania, businesses with a total turnover of less than 2000 euros per year also pay no tax.