Work, woodworking projects, taxes?
This is kind of a complicated question, and unique to me in some ways as I am a Machinist by trade, do woodworking as a hobby, and often make projects that help me stay organized at work.
Now we all know that any personal tools you purchase so you can do your chosen craft better,and is not covered by a work purchase program, can be deducted off your taxes come April 14th. So my question is, since I often build wooden toolboxes, and other wooden items like sand paper holders, pigeon holes and cabinets, can I deduct these off my income taxes as well? Its really no different then going out and buying say a Snap On Toolbox for $500 bucks or something?
Now assuming I can do this, what is deducted...just the cost of the materials such as wood and hardware, or can I deduct the what the toolbox is worth as if I was to sell it to some guy in the newspaper or something? Its kind of gray because what I spent to build it, might be actually quite low compared to its worth, but my time has got to be worth something?
I have no intention of traveling from birth to the grave in a manicured and well preserved body; but rather I will skid in sideways, totally beat up, completely worn out, utterly exhausted and jump off my tractor and loudly yell, "Wow, this is what it took to feed a nation!"