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It depends on how you do your taxes. I think our tax office charges around $30-$50 for that schedule C, so in some cases it might not be worth it.
Even though on my tax forms I lost money on my crafts, overall it was positive, I would make items to sell and then what didn't sell I could use as gifts. We would spend the night at a hotel and be able to deduct that and so on. And mileage for business is weird, it takes into account wear and tear and depreciation, but we had a very old van, took maybe a little more gas but honestly, the amount you could claim was way more than actual expenses in our case. OH, and if you worked it right, say a trip to the city to visit someone or do shopping (non-business) if you made sure to pick up something FOR your business you could claim those miles. Your Christmas shopping trip could end up a business deduction.
OH, I know the best example of when it looks like you are losing money but you actually make money....babysitting. They get to use a LOT of stuff for write-offs, toys, cable, ect. The list is amazing. I have let to see a babysitting business that has a profit due to everything they can deduct. If a child breaks something or just wear on the carpet and they replace it, they can use that expense.
Even though on my tax forms I lost money on my crafts, overall it was positive, I would make items to sell and then what didn't sell I could use as gifts. We would spend the night at a hotel and be able to deduct that and so on. And mileage for business is weird, it takes into account wear and tear and depreciation, but we had a very old van, took maybe a little more gas but honestly, the amount you could claim was way more than actual expenses in our case. OH, and if you worked it right, say a trip to the city to visit someone or do shopping (non-business) if you made sure to pick up something FOR your business you could claim those miles. Your Christmas shopping trip could end up a business deduction.
OH, I know the best example of when it looks like you are losing money but you actually make money....babysitting. They get to use a LOT of stuff for write-offs, toys, cable, ect. The list is amazing. I have let to see a babysitting business that has a profit due to everything they can deduct. If a child breaks something or just wear on the carpet and they replace it, they can use that expense.
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