Page 1 of 2 12 LastLast
Results 1 to 10 of 11
  1. Collapse Details
    Write off display items?
    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?


    Share on facebook


    Reply With Quote
     

  2. Collapse Details
    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.


    Share on facebook


    Reply With Quote
     

  3. Collapse Details
    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.


    Share on facebook


    Reply With Quote
     

  4. Collapse Details
    That's a business expense for sure. It's advertising technically.


    Share on facebook


    Try Amazon Prime for 30-days for FREE! Just click on the text that says Amazon Prime!. It's like Netflix with a MUCH larger selection, you WON'T regret it!
    Reply With Quote
     

  5. Collapse Details
    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.


    Share on facebook


    Reply With Quote
     

  6. Collapse Details
    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.


    Share on facebook


    Reply With Quote
     

  7. Collapse Details
    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.


    Share on facebook


    Reply With Quote
     

  8. Collapse Details
    Quote Originally Posted by spikedzombies View Post
    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


    Share on facebook


    Reply With Quote
     

  9. Collapse Details
    #9
    Join Date
    Jan 2014
    Posts
    28
    This was a great topic to read.


    Share on facebook


    Reply With Quote
     

  10. Collapse Details
    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


    Share on facebook


    Reply With Quote
     

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •