Greetings and Tax Return Question
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Greetings and Tax Return Question
Greetings, I am new to this forum and a recent form 1 suppressor creator. I filed my paperwork and paid for my stamp in 2019, so will I need to do anything to account for that on my tax returns, and/or is there a way I can include that info to potentially increase my tax refund? Thank you!
Re: Greetings and Tax Return Question
No and no
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- whiterussian1974
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Re: Greetings and Tax Return Question
Only if you can count it as a "business expense" on your SchC.
The Compliance Stamp "could" also be included to reduce your Net Earnings.
But again, it would need to be a part of your Business for which you file Schedule C.
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It also depends upon HOW you bought it.
-Addition of Assets for a Corporation, NFA Trust, etc?
-Are you using it for Advertising or to "network" with prospective Clients/Associates?
-Is it a part of your Business Operations? (Gun rental, Firearms Training Courses, Safety training/research, etc)
But short answer, No and No as fishman said.
The Compliance Stamp "could" also be included to reduce your Net Earnings.
But again, it would need to be a part of your Business for which you file Schedule C.
---
It also depends upon HOW you bought it.
-Addition of Assets for a Corporation, NFA Trust, etc?
-Are you using it for Advertising or to "network" with prospective Clients/Associates?
-Is it a part of your Business Operations? (Gun rental, Firearms Training Courses, Safety training/research, etc)
But short answer, No and No as fishman said.
The Darkest Corners of Hell are reserved for those who remain Neutral!-Dante
The Death of One is a Tragedy, a million only a statistic.-Stalin
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The Death of One is a Tragedy, a million only a statistic.-Stalin
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Re: Greetings and Tax Return Question
Taxed marginally at rougly 30%, a $200 deduction brings $60 to your refund. This assumes that you're itemizing your deductions instead of taking the standard $12,000.
Individuals and trusts may not deduct our stamps though.
Individuals and trusts may not deduct our stamps though.
300 blackout form 1: http://www.silencertalk.com/forum/viewtopic.php?f=10&t=137293
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http://www.silencertalk.com/forum/viewtopic.php?f=10&t=141800&p=955647#p955647
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- whiterussian1974
- Silent But Deadly
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- Joined: Sat Sep 28, 2013 11:37 pm
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Re: Greetings and Tax Return Question
You can also "depreciate" your Inventory if used as a part of your business.
BUT...as Fishman said, it must be itemized on SchC. If he "added asset" to a LLC like I did, then it is now "inventory."
As Fishman and I have said, there are MANY specific ?s that need answered, and not much of a 'Tax Burden Relief' for all of that paperwork and research into the Tax Laws.
Assuming multiple silencers for a Shooting Range business (because Personal Use doesn't qualify) it can bump his Tax Burden down a wee bit.
He could also count it as a One Time advertising expense. It really depends upon his business. Of course, he would need to know the Laws for the Type of Business Entity which owns the equipment.
Unless he enjoys the Bookkeeping and Legal Research involved...just eat the 1200$ expense as a fun toy.
My LLC is a "Charitable Institution" and as such, "donating inventory" for Scientific, Educational and Safety use means that it "would" have qualified on my SchC if I itemized that year.
If I pulled some "creative Accounting" I could "package" the Donation in a "Bundle" and count the donation as a "chit" like a Loan. Then I could pay off that "Chit" during the Accounting Year that I choose to do so. "if and only if" I can document an ACTUAL transfer of Funds during that Tax Year that I file.
I LOVE talking Law and Bookkeeping. My dad was a CPA and I thought of becoming a Lawyer, but am too physical so I became a Cop instead. Best of all worlds except in the Pocketbook.
The Darkest Corners of Hell are reserved for those who remain Neutral!-Dante
The Death of One is a Tragedy, a million only a statistic.-Stalin
silencertalk.com/forum/viewtopic.php?f=10&t=135314
The Death of One is a Tragedy, a million only a statistic.-Stalin
silencertalk.com/forum/viewtopic.php?f=10&t=135314