Thread: Question for you custom razor makers?

Not entirely sure where this question fits...I'll put it here because it's directed at the custom razor makers.

Are you guys able to write off tools, materials, sharpening stones, etc on your taxes?

Just wondering...it'd be nice to write off a $500 hone.

I am not up to snuff on US tax law, but if you have registered in some way as being self employed / freelancer / whatever with a business related in some way to activities for which you need a hone, then yes. Either it can be written off as an investment, or it can be counted as cost and subtracted from earnings.

If you make an income by honing, restoring,... anything you officially charge money for to other people, you can deduct and write off the materials, tools,... needed for the job. Off course it also means adding that income to your tax return.

They can be written off as business expenses to the same extent that you use them for your business. Max probably uses depreciation deductions for his pool, where his business requires him to spend much time for business-related brainstorming and conference calls

as long as you claim all the income.

you do know that "write off" means that you only get whatever taxes you paid on the hone back in your corporate tax return, right? It doesn't mean that you get a free hone...