Life Tax Experts/Business owners

dj56dt58 · 01-12-2010, 03:13 PM

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

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

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

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

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

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

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

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

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

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

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.

01-12-2010, 03:13 PM
dj56dt58 Banned Join Date: Dec 2005 Location: Missouri Casino cash: $9960055	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.
Posts: 6,361

01-12-2010, 03:22 PM	#2
kindra68 blonde Join Date: Jul 2005 Location: I'm lost, again Casino cash: $9995567	online SHOE STORE?! i heart you.
Posts: 48

01-12-2010, 03:38 PM	#4
Rain Man Seize life. Be an ermine. Join Date: Jul 2001 Location: My house Casino cash: $-492449 VARSITY	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? __________________ Active fan of the greatest team in NFL history.
Posts: 145,281

01-12-2010, 03:51 PM	#6
penguinz Supporter Join Date: Mar 2003 Casino cash: $797626	I would hire an accountant. __________________
Posts: 17,240

01-12-2010, 05:09 PM	#14
Chazno Starter Join Date: Nov 2004 Location: asdf Casino cash: $2017963	Buy a new computer that you use to design or market your website on certain Chiefs boards, that too is deductible.
Posts: 522