What can I deduct in my reselling business?

Deduct everything you can! Most deductions are straightforward, but some are a bit tricky. In this video I'll review what deductions are, what the most common deductions are in a reselling business, and how to deduct some of the more complicated deductions.

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TIMECODES:
0:00 - Introduction
0:25 - What is a Deduction?
1:01 - IRS Definition of Deductions
1:56 - Deductions vs. Recovery
2:44 - Common Deductions
3:32 - Inventory Deductions
4:34 - Capital Expenses
5:30 - Business Mileage vs. Actual Expenses
5:53 - Deducting Meals and Travel
6:52 - Additional Resources

[justivkicks]

Definitely learned something here! Never knew I could deduct 50% of meals when traveling, missed out on a few this year for sure haha. Thanks for the info!

[jenofalltrades]

My ex husband handled all my reseller tax stuff. And since I'm decide, I took a break reselling, and just getting back into it. Being someone that already struggles with anxiety, your videos have been very helpful. I still have a lot to earn, and still nervous about doing my own taxes. But I've learned a lot.

[purplerube]

Great advice and that’s is why I worked with you for my taxes in 2019 and plan to do so on 2020

[TexasCZ]

Just started selling a large collection of inherited antique toy cars, and I have been uncertain on how to go about all these details. Your videos have been a huge help and I can’t thank you enough for presenting it in an easy to understand fashion!

[Angelica]

Excellent video. Thanks so much! It was very understandable and you told me exactly what I was wanting to know. Look forward to checking out other videos here!😊

[Mimi_Dabul]

New subscriber alert. As a single member LLC. I am here to learn how to pay taxes, what deductibles are.. Etc Thank you Mark

[picklikeapro]

😳 how did I just find your channel? I’ve needed you! 😂

[therealmissglamBAM]

90% of the time I am sourcing out of town, so all these meals can be deducted by 50%?

[angeleslinsangan]

I appreciate your information regarding taxes..i learned a lot the interesting part about deductions..very informative..thank you..

[IlliniPicker]

I have always used the standard deductions allowed by the IRS.

[vids]

Do you have any vids where you discuss the differences -- advantages and disadvantages -- for incorporating or creating an LLC vs. reselling as a sole-proprietor?

[tdgoodz]

Great info again, Mark! Cannot wait for your next video and excited about what the next topic will be!

[earthsmedicine]

Hey! Thanks for provide such awesome value and content, I appreciate it greatly. Using your spreadsheets right now and it's helped me so much

[callie]

I'm renting a shed for ebay stuff can I deduct my monthly rent as a expense

[brentjackson]

Hi. How far away do you have to be from your home town to be considered travel? If i'm driving an hour away to source and spend all day in that area and have to stop for lunch at some point, then I end up driving home for the night. Would that be deductible? thanks

[thrifthaula]

Question: how does one determine the percentage of costs to write off? For example, I have a storage unit with inventory as well as personal items. Do I write 50% of my bill? Other examples are my cell phone service, internet, electricity and rent at my apartment. How do resellers do it? Thanks

[freddycisneros]

Thank you for this helpful information.

[thistooshallpass]

Clarity, as usual. 👏🏼 Are you sure you’re a CPA and not a teacher too? 😉 Thanks for the help! 😀

[tommykwan]

Thank you so much for your valuable and helpful video. I am a single member LLC, and import my resell products directly from overseas factory, and having to pay over $20k on ocean freight charges, customs duties and local trucking charges. Where and how do I report as expenses on tax returns? Thanks again for your great video!!!

[bettyanderson]

Hi, can I use dry cleaners as a deductions since I plan on using them for my resell business? Thanks!