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New Member
posted May 31, 2019 10:15:15 PM

Can i deduct the purchase of wood, screws, glue,clamps, tools and other items i bought for use in my woodworking business? i have all of my reciepts

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Level 7
May 31, 2019 10:15:17 PM

Yes, you can deduct all ordinary and necessary expenses needed to produce self employment income

The IRS defines expense ordinary and necessary expenses this way

  • An expense is ordinary if it is common and accepted in your industry

  • An expense is necessary if it is helpful and appropriate for your business

:You should deduct the above expenses in the Supplies category.

1 Replies
Level 7
May 31, 2019 10:15:17 PM

Yes, you can deduct all ordinary and necessary expenses needed to produce self employment income

The IRS defines expense ordinary and necessary expenses this way

  • An expense is ordinary if it is common and accepted in your industry

  • An expense is necessary if it is helpful and appropriate for your business

:You should deduct the above expenses in the Supplies category.