For the Uncle Sam Tax questions...

#1
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matt wood
My question is:

I put about 1hr/week of mainetence and prep on my machines to get ready for Monday. That adds up to 52hrs/year. Can we write that off as an expense, and if so, how do we list it?
 
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My question is:
I put about 1hr/week of mainetence and prep on my machines to get ready for Monday. That adds up to 52hrs/year. Can we write that off as an expense, and if so, how do we list it?
No.

If you paid to have maintenance done(someone else) then, yes. Deductible.

You can deduct all the supplies, oil, filters, etc. to do the maintenance, if you do it.



Basically what John said.
 
#7
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Thanks. I’m certain you guys are right. Someone told me that several years ago, and I didn’t really care much about doing it, until the thought just recently came to mind
 
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Scott Warrington
If you pay yourself to do the maintenance, then you can deduct it. But you also have to report the income you made getting paid for doing the maintenance. However, you figure it, it all washes out to even.

But for some circumstances, it can be a good way to transfer income to a member of the family who is taxed at a lower rate (think instead of allowance, I pay the kids for actually doing some work.) This can also income shift to a spouse for purposes of establishing income for social security purposes. Need to look at the big picture, ages other income and so forth to see if this is a beneficial approach.
 

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