I make Bio-Diesel at home. Are there any tax advantages I can use? Can I write off my investment ?

Posted on December 18th, 2009 by admin

I purchased a 16 x 16 storage building for the project and have a few thousand dollars tied up in Research and Development and Processing Equipment (Most of it is stainless steel). I don’t sell the fuel or make any money from the project. So I am looking for any kind of federal or state (South Carolina) incentives or credits I can get. I hear that there are some “Green” incentives for environmentally conscious individuals, I just need to know how to get them.


Good question. If you were selling it you could claim this as a home business. You have to be careful with this as it raises red flags with the IRS. Although home businesses are legal to claim and should be reported as income become an issue when part of the home is written off. I hope that you find a Green deduction.

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1 Comment • Posted in Business energy tax credit

Comments

  1. Mike Vespa - December 1, 2009 at 1:29 am

    Good question.

    If you were selling it you could claim this as a home business.
    You have to be careful with this as it raises red flags with the IRS. Although home businesses are legal to claim and should be reported as income become an issue when part of the home is written off.

    I hope that you find a Green deduction.
    References :

    Reply

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