I've been looking for a tax write off and have come up with an idea. I enjoy going around to the different shoots and hunts, so I'm thinking of starting my own archery buisness. Don't want to turn it into a huge money making thing, just want to recoup some of my tax money, to help pay for my gas ad shoot fees.
Think I'll call the buisness "Cherokee bow company" or cbc. Anyone else do something similar for a tax write off?
Trust me when I say that opening a business just for a tax write off is certainly not worth the time and trouble. Opening a business opens a whole other can of worms for taxes, such as collecting sales tax and filing those returns, and the discounts from the suppliers are certainly not going to get you rich. If you are going to open a business, I would certainly open it with the intent of making a good profit... otherwise, I'll bet you will find it to be a waste of your time and effort.
Good luck,
Bryan
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I can see the zero's comin out of that turkey's mouth as I walk to the target!
Let me add that I am certainly not trying to dicourage you in any way, just wanted to tell you what was involved so you can make a good decision. There is a lot of extra "stuff" to go thru when you own a business. If you find me at a shoot sometime, I'll be glad to tell you what I know. Bryan
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I can see the zero's comin out of that turkey's mouth as I walk to the target!
To Bryan's point, I think you would probably spend and/or lose more money than you would save on taxes.
Kinda like folks keeping a mortgage because it is tax deductible, you give the mortgage company more in interest than you would have to pay the government in taxes??? You might as well duduct it if your paying the interest, but I'd sure not keep a mortgage just to keep the deduction.
