I am 25 and have only worked two jobs. I’ve been a full time student since I was 20. So, other than my two previous part time jobs, I’ve never paid taxes. I’m honestly clueless on the entire process.
I started thrifting vintage clothing and reselling on 3 different platforms. My shop has grown quite a bit in less than a year and I’m ready to become more serious with it, meaning I need to consider taxes for the next year as I did not file this year (made less than $1,000).
I’ve read up on deductions and so far I am pretty sure I can write off my storage space in my home for all of my inventory. Am I able to write off my office space where I photograph my items? How about my printer ink and paper used to print shipping labels? I also read that I can deduct utilities. Deducting internet makes sense as my selling platforms are online, but does that also include gas, electric, and internet?
I do not drive and in order to thrift my inventory, my boyfriend drives me places. I provide gas money for each trip. Is that something I can write off? Other than my space for storage, the money spent on items, and gas, I also have small expenses like printer paper, ink, sometimes shipping fees if the buyer does not pay shipping, hangers, a steamer for cleaning older items, a pilling shaver, shipping materials, the list goes on.
I guess really all I am asking, is what do I need to know about filing taxes next time? What can I write off? Am I better of doing it myself or should I find a professional to help? Im extremely organized so if I have the information I need, I am confident I can do it myself. I’m entirely clueless so all details would be extremely appreciated. Imagine you’re teaching your 18 year old about finances or something. Unfortunately, my parents didn’t teach me much about finances. I’ve already racked up a great deal of debt in student loans so having this shop really helps me set a savings aside. I just do not want to get in trouble with the IRS.
Thank you!
TLDR; Self employed , not sure how taxes work
Submitted March 09, 2018 at 03:25AM by honeyfuck_ http://ift.tt/2DdtMci
