Hi,
Does anyone know if it possible/legal to claim UAV equipment, materials/supplies and other such things for tax breaks or other things? Are there grants for such projects?
I'm planning on spending quite a bit of money on UAV specific equipment, and other stuff like
-A 3D printer
-A CNC Mill
-Various tools for making parts.
I am a computer programmer/IT worker, can I claim these as 'deductables'?
Would it be worthwhile to 'incorporate' myself and use these as business purposes?
Replies
You can claim these things as a business expense if you can demonstrate that they were purchased for a business venture with the intent of making money. If you are audited and the auditor believes that you never had the intention of operating a viable business, expect the deductions to be disallowed and a penalty assessed.
There is no basis of claiming these as deductions simply because you are employed in a related field.