a tax deductable trip? Just wondering because it all has to do with Taxidermy industry.
Thanks Chris
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Its 2003 your first year in business?
If so then no it is not deductable.
My CPA tells me for a class or seminar to be deductable.
You must have an established business.
Did you file business income taxes in 2002 or before?
(profit or loss)
Same for a new building you have to depriciate it.
Repairs to an already existing build may be deduct either in full of depriciated
I go to H & R Block for my tax preps.They have done my business from the get go and I was able to write off all of my classes,trips,supplies,licenses,books,videos,etc.Even hunting clothes,trips, and equipment can be deductible IF the item in question was used to take a specimen that contributed to business(advertising,display)They were able to steer me in the right direction when it came down to what I could and couldn't claim.Just watch yourself on the 5th year.If you don't show a profit up to the 5th year(even only $1 will work)the gov.will consider your business a HOBBY and from then on you won't be able to take a loss.FYI-most businesses operate in the red for most if not all of the first 5 yrs.It is at that time that one should consider:1)different business tactics.2)Let the business go under and reopen under a different name(giving you a new 5 yrs to work with)or 3)Quit while you are behind.
I filed my first years lose last month and will definetly be at a loss at the end of this year because I didn't get enough work to last all year. This was a huge loss due to claiming the new building and every thing to get going last fall. This year I won't have any kind of loss that big but will still be in the red, I think. Am going to have to get a summer job to get me through untill next hunting season. I am already thinking of other ways to get this bussiness to the Plus side. Thats one of the seminars I am going to attend at the show. When I get last falls work done I am going to go through and see how much of a price increase is in order and hopefully that will help some. I only charged $250 for a shoulder mount last season thinking that would bring in more bussiness due to our crap state economy, didn't work so I think I am at least going up to $300 a head. Just about every one esle is there or higher and getting alot of work. I too use H&r block for my tax services and they got me a big return to hopefully put back in the bussiness some how and gain from that.
Chris