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?
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?