Secrets to Operating a Successful Gunsmithing Business was written by Gene Kelly, President of the American Gunsmithing Institute and the Gun Club of America. This is the six of a seven part blog series.
Secret #6:
Extracting Maximum Benefits from the Business, “Tax-Free!”
Quite frankly, I am like most everyone else and really hate to pay Taxes. But I do. However, first I take every legal deduction I can so that I pay less. You probably could too, by legally deducting many of the expenses that you are already spending your hard-earned money on, such as your Truck or Car, Phones, Computers, Guns, Ammo, Range fees and Memberships, Travel, Meals, Rent, Tools and many other items, as long as they become legitimate business expenses. As a part-time or full-time Gunsmith, many of these items do become write-offs and business deductions. You will need to check with your personal tax advisor and everyone’s situation is different, so this is NOT legal advice. But in an audio interview with a CPA & Tax Specialist we reveal “Tax Secrets That They Don’t Want YOU to Know About.” Again, it is in our Business Package and education is the key.
Check back for tomorrow’s blog where we’ll discuss leveraging your time and resources.
