Hobby deductions on taxes.

[JuicyCarp]

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
Hope this information helps someone out this year!

Kevin

[Canemaker]

Who's making moeny? Yeah, we all lie to our significant others here and there usually to obtain another piece of equipment that we need/ want, we really don't need it. If I had to pay for the supplies that I currently receive I would be in the red. Hell, I don't even take in to account transportation costs (fuel, wear and tear on a vehicle, my time, etc) to pickup supplies and then to deliver the completed projects to Post Office for mailing or hand deliver within my town. If I figure in brochures, business cards, cell phone, entry costs at shows, transportation, housing, bits, down time on machine, electrity, internet, patterns, etc, etc, I'm again in the red. Hell this is a hobby that I enjoy and therefore can't put a price on that. It keeps me busy, out of bars and casinos, off the golf course, off the lake and out of the woods (except to pick up supplies) So, thanks for the advice, but this deduction wouldn't help.

[henry1]

You are so right, just can't seem to make a profet in this wood working, keep on giving and sell some , its costing more in material than making any money lol but good reading info

[dehrlich]

I'm working on trying to help you all out. See my thread about sign blanks in the buy sell trade section. I have been a lumber distributor for a long time and I can sell you material and ship it cheaper than you can buy it at the box stores, some websites and even some hardwood distributors you have locally. If you are paying for the $6 /BF oak at home depot or lowes, you need to give me a shot. I'm working on my website to make it easy for you all to purchase by the LF. Anyway, check out the thread if you are curious, send me a PM with any questions. I want to help everyone make a little more money doing what we all love.