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dj56dt58 01-12-2010 03:13 PM

Tax Experts/Business owners
 
I run an online shoe store and have read that I can claim shipping expenses on tax deductions. So what I'm wanting to verify is if I ship the shoes to my customer for free, can I claim the amount I paid to ship them off my tax deductions? Thanks for any advice, I can't seem to come up with a constant answer anywhere.

kindra68 01-12-2010 03:22 PM

online SHOE STORE?!
i heart you.

dj56dt58 01-12-2010 03:25 PM

Quote:

Originally Posted by kindra68 (Post 6438266)
online SHOE STORE?!
i heart you.

a-zfootwear.com

buy something!

;)

Rain Man 01-12-2010 03:38 PM

You can write off legitimate business expenses, and shipping is a legitimate expense. I see no problem here.

I don't know the specific tax line or anything. Are you incorporated and everything? Sole proprietor? Corporation of some sort? LLC?

BWillie 01-12-2010 03:44 PM

Quote:

Originally Posted by dj56dt58 (Post 6438275)
a-zfootwear.com

buy something!

;)

You makin' bank? I wish I owned my own business.

penguinz 01-12-2010 03:51 PM

I would hire an accountant.

1moreTRich 01-12-2010 03:58 PM

Quote:

Originally Posted by dj56dt58 (Post 6438228)
I run an online shoe store and have read that I can claim shipping expenses on tax deductions. So what I'm wanting to verify is if I ship the shoes to my customer for free, can I claim the amount I paid to ship them off my tax deductions? Thanks for any advice, I can't seem to come up with a constant answer anywhere.

CPA here, there is no problem deducting this expense assuming you are claiming the income. I am guessing you are a sole proprietor and will need to file a Sch C, but need more info to be 100% sure.

Rain Man 01-12-2010 04:03 PM

Quote:

Originally Posted by penguinz (Post 6438372)
I would hire an accountant.


It appears that he has taken your advice and retained 1MoreTRich in exchange for casino cash.

dj56dt58 01-12-2010 04:05 PM

Quote:

Originally Posted by Rain Man (Post 6438326)
You can write off legitimate business expenses, and shipping is a legitimate expense. I see no problem here.

I don't know the specific tax line or anything. Are you incorporated and everything? Sole proprietor? Corporation of some sort? LLC?

That's kind of what I was thinking, just wanting to make sure since I won't be able to meet to a tax professional for a few days when my car is fixed. Thanks

dj56dt58 01-12-2010 04:07 PM

Quote:

Originally Posted by BWillie007 (Post 6438344)
You makin' bank? I wish I owned my own business.

just started it about a month ago. Still haven't sold anything on the site yet but I am doing ok on Ebay. I can deduct ebay/paypal fees so If I can deduct the shipping fees I will be doing pretty good starting off. Not sure why I haven't sold on the site, I have tried adwords and hired people to write my keywords and submit them to search engined regularly but still no sales there.

dj56dt58 01-12-2010 04:07 PM

Quote:

Originally Posted by 1moreTRich (Post 6438402)
CPA here, there is no problem deducting this expense assuming you are claiming the income. I am guessing you are a sole proprietor and will need to file a Sch C, but need more info to be 100% sure.

Thanks for the response. I am claiming income and paying the sales tax for sales within the state of MO and I am a sole proprietor.

1moreTRich 01-12-2010 04:47 PM

Quote:

Originally Posted by dj56dt58 (Post 6438448)
Thanks for the response. I am claiming income and paying the sales tax for sales within the state of MO and I am a sole proprietor.

Yep, your accountant will do a Sch C for you and you should be good. Any expense that has to do with your business is pretty much deductible, packing materials, insurance, shipping, etc. Give your accountant totals of all your income and expenses and you will be set.

dj56dt58 01-12-2010 05:02 PM

Quote:

Originally Posted by 1moreTRich (Post 6438616)
Yep, your accountant will do a Sch C for you and you should be good. Any expense that has to do with your business is pretty much deductible, packing materials, insurance, shipping, etc. Give your accountant totals of all your income and expenses and you will be set.

Ok thanks a lot for your help. Rep

Chazno 01-12-2010 05:09 PM

Buy a new computer that you use to design or market your website on certain Chiefs boards, that too is deductible.

dj56dt58 01-12-2010 05:19 PM

Quote:

Originally Posted by Chazno (Post 6438696)
Buy a new computer that you use to design or market your website on certain Chiefs boards, that too is deductible.

Bought a laptop but advertising on a certain chiefs board would be cool..I could set up a discount.


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