As a business owner, it is your responsibility to report all income you’ve earned in your business when tax time comes around. You also have the OPPORTUNITY to report any and all business-related expenses that reduce that income, to reduce the amount of taxes you owe. These expenses are often referred to as tax deductions, or write-offs.
Generally speaking, you will be able to write off any expense that is ordinary & necessary in your type of business, with some exceptions and limits.
I’ve put together this list of 25 specific tax deductions examples you can write off in your retail boutique. While this is not an exhaustive list by any means, it gives a great place to start for what you should be tracking in your business.
Ready to take your learning a step further?
Register for my Free Masterclass, Make Your Money Make Sense! Where you’ll learn how to understand where your money is going, avoid costly bookkeeping mistakes, and set up an easy to follow bookkeeping system.
Sign up now: www.findingfreedomfinancial.com/masterclass
Other Ways to Work With Me:
- If you’re ready to just hand the numbers off to someone so you can stay in your own zone of genius, apply for one of our open client spots so we can take it off your hands. Don’t worry, we’ll send you your financial reports each month so you can feel confident in your numbers without doing the work yourself. Apply now by booking a coffee chat consultation at www.findingfreedomfinancial.com/contact
- Need some guidance on how to do you own bookkeeping in Quickbook Online? Then check out Bookkeeping Made Simple for Boutiques, our signature course that walks you through the exact setup & process you need to implement for accurate and EASY bookkeeping all year long - no more tax time scramble! Enroll at www.findingfreedomfinancial.com/bookkeeping-basics-course
- Are you a Shopify seller who’s not quite ready to invest in a bookkeeping software like Quickbooks? Don’t worry - I got you! I’ve created a custom Shopify Seller Income & Expense Tracker that you can use to easily enter each transaction coming in and out of your business, along with your sales data coming directly from Shopify to put together a standard P&L (Income Statement) that you can hand over to your tax preparer. Download your copy at www.findingfreedomfinancial.com/income-expense-spreadsheet
Prefer to learn while you read? Check out the blog post for this episode:
https://findingfreedomfinancial.com/tax-deduction-examples/
Related Episodes & Resources Mentioned:
Printable Tax Deduction Guide: https://findingfreedomfinancial.com/deductions
Understand your 1099 Requirements as a Business Owner:https://findingfreedomfinancial.com/12
Understand how to account for your Inventory vs Cost of Goods Sold: https://findingfreedomfinancial.com/28
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