 | Starting Small Woodworking Business |
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I am about to Register a small woodworking business here in New Brunswick .
This of course will have an effect on my income tax and I will be writting
off my expenses for the business. I have purchased a lot of tools over the
last year or so. Can anyone tell me if any of these tools can be a tax write
off or can I only write off what I purchase after the business is
registered. It will be a sole propritorship. It is so hard to get a straight
answer form the grovernment if one could get anything else other than a
recording. Any info in this area would be very much appreciated.
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-You need a professional tax accountant to give you advise on this now, and
to do your books and taxes in the future. Let them do that for you and you
can spend more time on your business. -You can write off the tools but only against the income your business earns. In
other words, you cant just buy a bunch of tools, call your self a business, and
then write off the tools. There has to be income derived first, and then some
of that income is offset by the tool write offs. Buy turbotax and you can do it
yourself.
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