JuicyCarp
01-03-2013, 08:54 AM
Good morning!
I was doing a bit of research this morning and thought I would share with the forum that if you are making money with your carving hobby, you may be able to write off the expenses. I am not an IRS expert by any means, but this may be something worth looking into, or bringing up to your tax professional as the tax season draws near! These machines aren’t very cheap, and we all know that wood certainly doesn’t just grow on trees these days! (Just kidding of course)
Here is a link to an IRS page that has a bunch of jargon that I am sure is specifically intended to cause confusion on the subject:
http://www.irs.gov/uac/Business-or-Hobby%3F-Answer-Has-Implications-for-Deductions (http://www.irs.gov/uac/Business-or-Hobby%3F-Answer-Has-Implications-for-Deductions)
Hope this information helps someone out this year!
Kevin
I was doing a bit of research this morning and thought I would share with the forum that if you are making money with your carving hobby, you may be able to write off the expenses. I am not an IRS expert by any means, but this may be something worth looking into, or bringing up to your tax professional as the tax season draws near! These machines aren’t very cheap, and we all know that wood certainly doesn’t just grow on trees these days! (Just kidding of course)
Here is a link to an IRS page that has a bunch of jargon that I am sure is specifically intended to cause confusion on the subject:
http://www.irs.gov/uac/Business-or-Hobby%3F-Answer-Has-Implications-for-Deductions (http://www.irs.gov/uac/Business-or-Hobby%3F-Answer-Has-Implications-for-Deductions)
Hope this information helps someone out this year!
Kevin