One thing that comes to mind is that there are home office deductions for 1099 income aka "non employee compensation". It's based on sq footage and rent not on the value of stuff in the lab/office. If you are buying capital equipment that is "expensive" you actually can't deduct the whole thing in one year either- it has to be amortized.
If you are spending $10k for equipment it might be worth buying a few hours of a tax-type person's time to figure out how you can reduce your tax liability. I do consulting work and having someone explain stuff to me makes my life a lot less stressful. I work with someone who also runs their own tax practice, so it's kind of cool because we are in the same boat. Unlike science, taxes do not follow any rules and I have found that basically nobody wants to be liable for making any statements about them, so good luck trying to find a blog post with definitive info...I didn't find any.
Side note/associated question: I wonder how people who do tech youtube blogs that sell things like stickers/subscriptions can deduct stuff that could reasonably be used for producing content. I bet that's a pretty good model for a garage lab.
--A
On Mon, Feb 22, 2021 at 1:22 PM Tom De Medts <tdmedts@gmail.com> wrote:
Hi folks,--This question is for those of you who have setup an informal DIY / garage lab at home.I spent ~ $10K in 2020 on setting up a home lab, but this is not registered formally as a corporation or an LLC in the US.I wonder if there are any clauses in the IRS tax code for 2020 that will allow me to subtract these expenses as a tax credit, so my Adjusted Gross Income would be lowered.Any and all advice about this would be greatly appreciated. Thanks in advance.Best,Tom
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