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Hi, I just started selling lia sophia Jewelry and I was wondering

what expenses I should be...
Hi, I just started selling lia sophia Jewelry and I was wondering what expenses I should be keeping track of??
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Answered in 8 minutes by:
8/1/2010
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello JA Customer,

 

Basically any ordinary and necessary expenses that you incur in connection with selling this jewelry would be deductible against the income you have from the sales. More than likely one of your biggest deductions would be mileage for personal use of your vehicle to drive back and forth from jewelry parties or for miles driven to deliver the jewelry you have sold. So be sure to keep detailed logs of each time you make such a business trip, showing the date of the trip, purpose of the trip and total miles driven.

 

If you give away products you paid for as samples, you can deduct the cost of those products. If you have any personal use of your cell phone in connection with this business, then a percentage of your cell phone bill would be deductible. If you have made up business cards or advertising pieces, those are deductible expenses.

 

Basically any expense which you have that can be considered ordinary and necessary for this type of business may be deducted from your sales income, and you then only pay tax on the net income you have after deducting those expenses.

 

If this was helpful please press the Accept button. It is the only way we receive any credit for helping with these questions.

 

Thank you JA Customer

 

 

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Customer reply replied 7 years ago
Thank you sooo much!!!

Thank you for using JA

 

 

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