Tax Write Off

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New Member
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I started my store a little over a yr ago. I'm not very good at it as I'm not understanding most of it. Now I have paused my store to lower the monthly plan payment as I try and try again to figure out what I'm doing. My question is... is there any kind of write-off that can be done for a store that has lost money. I've been paying the monthly plan payment. And many, many hours for a very understanding person helping me, (with a promise to make money and actually pay her), and many, many hours for myself. So, do I need to or can I present this to my income tax lady?
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Tourist
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Absolutely!   You will want to let her know all of your expenses.  

 

 

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New Member
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Thank you for your answer. I really appreciate your time. I really know nothing about this stuff and less about the tax end. Any thing else you could tell me would be very valuable to me. (Anything!!! LOL) What all expences and will i need receipts you think?
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Tourist
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You will have to keep receipts.  Basically any expenses you have pertaining to starting your business would be a deduction.  did you buy a printer or laptop just for the business, that would be deductible.  Did you get a separate phone or internet line for the business, that would be deductible.  You can also keep a log and track mileage on your car that is for business use.   Going to the post office, going to get supplies for the business, etc.    Any office supplies.   Did you buy any special software just for the business?  Graphic Arts Programs, Accounting programs, etc.   Any of your Shopify fees would be deductable, and any other fees related to online selling   (ie.. Amazon sellers fees, Ebay fees, etc...)    Any marketing fees you paid   (Facebook Ads, etc....)   Domain registrations...     

 

 

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Tourist
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Also, there is no deduction for "Sweat Equity"  ie..  The time you put in.   If you are PAYING a helper, that could be deductible, but you would have to give that person a 1099 if you pay them over 599 dollars, and they would have to claim it on their tax return.  

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