You are currently viewing Home Business Tax Saving Advantages

Home Business Tax Saving Advantages

If you’re searching for great home business ideas, Thorvie International offers a low risk, maximum profit opportunity for entrepreneurs who are serious about starting a home-based sharpening business.  Federal Tax laws are written to help encourage people like you who want to start their own business.

As a self-employed business person, you avoid paying legal expenses and corporate taxes associated with small businesses and corporations.  In the first year you can write-off up to $10,000 of equipment costs, decreasing the amount of personal income tax you would normally pay in.  This could help pay for most of your new AV-40 saw and tool sharpening system.

Additional Deductions For Home Business Ideas

  • Expense the space in your home or garage where you operate your sharpening business.
  • Expense every tool, accessory and building materials needed to get your sharpening business up and running.
  • Automobile expenses related to your business are deductible.  This includes gasoline to make customer deliveries, a percentage of regular maintenance and new tires.
  • As your business grows, additional equipment purchases can be deducted as business expenses, lowering your personal income taxes.

Purchases of sharpening equipment through the end of the month can reduce both your 2017 state and federal taxes.  Consult with your local tax advisor for current tax benefits in your state.

Contact us for more information on starting your home sharpening service.

Rick’s Tip

I receive calls once in a while about play in the AV-40 motor slide assembly.  The motor slide assembly should travel smooth with just a little bit of resistance so the motor does not rock in and out from the motor slide plate.  Diagram 1 below shows the motor slide top and back gib locations.  These gibs help the motor slide travel smoothly although they can wear over time.

To adjust the gib tension, diagram 3 points out the four tension bolt and lock down nut locations.  Start by loosening the lock down nuts and hand tighten the tension bolts.  Next using a 1/2″ wrench, tighten the four bolts slightly (approximately 1/16 of a turn).  Test the motor travel to check if the gibs are adjusted correctly.  Tighten the lock down nuts after the slide assembly travels correctly.

We use a thin layer of Sil-Glyde to lubricate the active moving parts in the motor slide assembly.  Diagram 2 and 3 point out the locations that we lubricate when assembling the AV-40 sharpening machine.  There are two main areas of lubrication maintenance.  1) In diagram 2, lubricate all unpainted surfaces on the motor slide plate.  2)  Apply a very thin layer on top the 12″-13 threaded rod and travel the motor back and forth to work the lubrication into the slide block.