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In this special tax season edition of the Etsy Conversations Podcast Resource episode, I review and summarize the article about what deductions are available to Etsy sellers in 2017.
NOTE: I am not an accountant or tax lawyer and this recap is purely for informational purposes and should not be construed as tax or financial advice.
Okay, so now that that’s out of the way…
Here are some major take-aways:
- Keep excellent records – by being diligent with your record-keeping, you can save yourself a lot of heartache and stress if you ever get audited by the IRS. Things to track:
- Vehicle expenses and mileage
- Cell phone and internet use for business
- Equipment expenses
- Shipping expenses
- Home office expenses
- Advertising fees
- Legal or professional services
- Charity donations
- Education, networking, and travel
- Meals and entertainment
- Retirement contributions
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