$500 retail, $250 for you, less tools, rent, heat, labour, materials,
insurance, power, advertising, office expenses, accounting, legal,
complying with Government safety and pollution regs, and finally taxes.
Forget it. However, if you start a business making coffee tables, and
sell a few through your sister, then you might be able to write off all
of your tools (and a truck, woodlot, attending tradeshows in exotic
locations etc) from your other income (if you are not incorporated,
depends on jurisdiction) You might save more in taxes by losing money
on the tables!
I'm just finishing a small night table for my daughter. Materials (elm)
cost me about $50. Labour, I don't even want to think about it, but
many hours, 'cause I'm really slow. Today I was in Borg and saw a
completely finished night table, solid wood marked down for $45.
New Table saw $2000
'I love you Daddy'...priceless!
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