I was recently contacted by the US Tax Center to see if I would be interested in sharing some tax tips for other online sellers like myself. I have to admit, I sighed with relief when I realized what the email was about! Of course, I said 'YES'. If you're like me, taking care of the business side of my creative business is always the hardest. I can use all the tips and help I can get!
If you sell on Etsy, eBay, Amazon or any other online store, chances are you struggle to get the most out of your taxes because of misinformation and fear, too.
The key to success is all in record keeping & planning ahead. Keeping receipts of all your business-related transactions will help maximize your itemization. Looking forward, the IRS suggests preparing a budget a year in advance to help plan for big expenses so you stay in a favorable tax bracket.
Do you have a home office? Many small business owners don’t have the facts when it comes to their taxes and home offices. Simply put, with the home office deduction your expenses ARE deductible and using it won’t automatically lead to an audit. To avoid misinformation and maximize your filing, you can use an easy but comprehensive e-filing service like the US Tax Center at IRS.com. Remember, any filing fees are deductible anyway!
Do you have any top tax tips? How do you keep everything organized? Please share them with us in the comments section below!
Thanks, IRS for all the helpful info!