John, As several others have said, seek professional advice. That being said, there is little doubt that the money you spend on tools and supplies is deductible, so save those receipts! The questions your CPA will answer for you have to do with what to call them, and which line on which form to record them on. I hope you will find, as I have, that it's lots easier to fork out the cash for a good tool when you think of it as a tax deduction. Enjoy. Mike > [Original Message] > From: John Delmore <johndelmore@cox.net> > To: <pianotech@ptg.org> > Date: 9/9/2005 4:19:49 AM > Subject: U.S. Techs only > > Really, I'm not xenophobic!!! It's just boring tax questions that nobody outside the U.S. would be interested in! > > As some may recall, I'm new to this. Just starting out, there are a lot of things to buy--some can wait until the need arises, but others, such as the horribly expensive center pin stuff, the cool damper wire bending pliers, etc., I need to practice with BEFORE the need arises. How have some of you others dealt with the IRS. Capital expenses, or deductable? As I understand it, the IRS considers you a "Piano Technician" as soon as you've been paid for services, however unqualified you may be to render those services. I know several people who will pay me to get me "in business", but then how should I handle these initial expenses? > > _______________________________________________ > pianotech list info: https://www.moypiano.com/resources/#archives
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