I assume classes like GRS are tax deductible. My question is if I pay to take private lessons from a master. Would that also fall in the ( school) tax deduction bracket as well?
Lol. Thought that's what he meant .. I work a fully time job now and want to take some sort of class to help expedite my dream to be a full time engraver / artisan .. and all the cash I spend now can help me on my taxes.
This will be something for you to check out personally but here in Oz unless you have already had the business set up and earning from it and not just preparing to go into business the training and equipment purchases will be treated as a hobby and will not be deductable.
From my experience in the past as a sole proprietorship if you sale anything for money its considered a business . I was just asking about private lessons because I did not know if a school deduction expanded outside of an institute . GRS would probably be considered an institute . So would fall under that .
I plan on talking to my tax person. And good idea about calling GRS . Just wanted to see how others handled private instructions with there taxes. It is money spent on furthering your business I would believe. I read a post that Sam A had posted on his thoughts about engraveing and beginners . He said deduct everything.
If you have your own business and file a long form, everything should be deductible. Travel, food, lodging and lessons. Would be the same if you went to FEGA convention or anything that pertains to your business.
Therein lies the key. "If you have your own business"...
Dunno how it's done in Mississippi, but out here on the west coast you need a few things before you are considered a business.
A business license, use permits, zoning variances, sales tax numbers, bank accounts (checks & credit card acceptance), FFL and all the rest of it - comes first.
THEN you get to take the deductions... maybe
Brian
Oh yeah, you'll also be needing a few tools, a safe - if you are going for the FFL, a secure place to do it, cards, website & other advertisement, and a customer or two who is NOT a family member.
And once you do all that - and have paid for all that other stuff - you may get lucky enough to have enough time & money leftover to figure out which kind/color of beans you'll be eatin' the followin' week...