Income tax deductions for direct sales?
Posted on July 4, 2009
Filed Under enart.investmentpany.com |
Income tax deductions for direct sales?
I am starting a direct sales (gourmet food sold in a home-party atmosphere as well as internet re-sales). What are some things that I should keep track of to write off at tax time? Any time you spend money to make money, you should keep track of what you spent. If you make any expenditures to promote your business or to close a sale, the best thing you can do is record the expenditure, make a note of the business reason you spent money, and file a receipt away as support. Log your business miles, too. Get IRS publication 334 and 535 and start reading. There is nothing special about this being direct sales.You *may* be able to deduct entertainment expenses, but only if you a) make sales at the same time and b) keep a list of the people you had in attendance.
Do not plan on any deduction for your computer, home office, utilities, etc.
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