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#EXAMPLE OF BOOTH SPACE DROP DOWN ITEM LIST PROFESSIONAL#

These are the raw materials needed to manufacture and sell your goods or merchandise. You may also see this written as Cost of Sales. Cost of goods soldĬost of Goods Sold (COGS) is a special type of expense that pertains to the cost that you, the seller, incurs to manufacture or sell an item. Remember, always request a donation receipt for your taxes, since you’ll have to include that when you claim the deduction. That means donations to your favorite political organizations are NOT tax deductible. For a donation to be tax deductible, the organization must be categorized as a 501(c)(3) non-profit. This means cash and in-kind donations you made to charity. Permits: Resale permits and permits required by government agencies can be deducted.

#EXAMPLE OF BOOTH SPACE DROP DOWN ITEM LIST PROFESSIONAL#

Licenses: Business licenses, alcohol resale licenses, and professional licenses required to perform your services or sell your merchandise fall into this bucket.Fortunately, the business-related fees and costs associated with acquiring those licenses and permits are deductible. Shop owners need to ensure that they have current licenses and permits to run their shops. Loan and leasing fees: This includes things like set-up costs for loans and leasing fees for equipment.Credit card fees: This includes annual fees, late payment fees, and interest.Bank fees: You can deduct monthly service fees, ATM fees, overdraft fees, deposit fees, wire transfer fees.Bank feesįees associated with your business bank accounts and loans are deductible.

Regardless of which method you choose for calculating your auto deduction, parking and tolls for business travel are 100% deductible.

Here’s an example: You drive a total of 10,000 miles and 3,000 miles are for business.

The percentage you write off depends on how much you use your car for business travel vs. Vehicle expenses include insurance, gas, repairs, oil changes, and car washes. The second way to write off your car is by writing off a percentage of your total vehicle expenses. The IRS mileage rate for 2023 is 65.5 cents per mile.

Here’s an example: You drive 2,000 miles to take care of business errands.

At the end of the year, you just multiply your annual business mileage by the rate and- voila– you’ve got your mileage deduction. Every year the IRS sets a standard mileage rate. The easiest way to write off your car expenses is by tracking your business mileage and taking the mileage deduction at tax time. There are two methods to write off your auto expenses: Mileage This is considered commuting and is not deductible. What doesn’t count as business travel? Travel from your home to your shop.

Scouting trips for new suppliers, vendors, and merchandise.

Travel to business meetings with partners, employees, suppliers, vendors, and consultants.

Errands to the office supply store, post office, grocery store, and suppliers (like a restaurant supply store or maker workshop).

The good news? You can write off what you spend on travel for business purposes. Owning a shop, cafe, or restaurant means you run a lot of errands.

Website: Domain names, hosting, subscription website services (Wix, Squarespace) themes, plugins, stock photos, and other things you buy for your website.

Promotional materials: Flyers, business cards, calendars, leaflets, newsletters, posters, and swag with your logo on it, such as pens or stickers.

Marketing: Ad placements in digital and print publications, newspaper ads, billboards, signage, Facebook Ads, Google Adwords, and email marketing software.

Advertising and promotionĪll your business expenses for promoting your store are deductible, such as:

And for all your purchases, save your receipts! 31 tax deductions for shop owners 1. Start by checking out this giant list of tax deductions specifically designed for small business owners with physical (as in, real-life) stores.

The more you understand them, the more business activities you can write off to lower your taxable income and pay less during tax season.īut before you can reap the benefits, you have to know what’s what. Why? Because deductions make taxes WAY more interesting and affordable. And your small business tax deductions are that person snapping up all your stellar goods.