Ebay 2017 turbotax home and business3/18/2024 ![]() ![]() If you’re spending money on something for your Etsy shop, it is probably deductible. Tax experts advise taking a common-sense approach when navigating the often-confusing world of taxes, reports Bloomberg. Taxpayers often overpay on their taxes every year just by overlooking one potential tax break they’re entitled to, the IRS states.įrom advertising your shop, to purchasing supplies, to mailing your products, every business-related expense is a possible deduction. When it comes to your taxes, if you’re not as diligent as you are with your business, you could be losing out on thousands of dollars from legitimate deductions. As a shop owner on Etsy, you’re a master of nailing the details, whether you’re designing the newest fashion, calculating ingredients for handmade bath soaps or meticulously measuring every last inch of leather for that bound journal.
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