11 Items Makers Need to Track for Taxes
These are the most common items that you should always track for every show, and most are the tax deductions that will save you money on you income each year! There may be other items that you also need to track, so this list is just the most common that will always apply.
Set-up Fees (for all shows and markets)
Mileage (this will include all mileage for the year: personal, commuting, and business miles)
Supply Cost (for every item you make, include every supply)
Set-up Display Items
Tent Cost (in the year you purchase only)
All sales (both cards and cash)
Marketing Supplies (any business cards or other marketing materials)
All of these items will need to be tracked all year, and put into the correct category to make it easier to complete you tax return, and to ensure you are getting every tax deduction you are entitled to. If you have any questions, we are here to help!
There are convenient ways to help track these items, such as various apps that we will make a post on in the near future. We are always happy to do this work for you also. Our plans are designed with makers in mind, since we understand how much time and effort it takes to create the products while also trying to run a business. We want to take the stress out, and let you create.