home-based business tax deductions 2024 [ How Much Can You Write off for a home-based business]

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Home-Based business tax deductions, 2024 for cottage food businesses.
#businesstax #homebusinesstaxes

Mortgage or rent, if you’re actually renting or even have a mortgage, can actually be written off as a tax expense or tax deduction. Food entrepreneurs need to keep track of, write them down, take them to your accountant. Some states cottage food businesses do not need permits or licenses to operate. A portion of the square footage in your kitchen, if you’re operating a food business from there, can be used as a tax deduction.

Your phone and internet as a utility can be a deduction for your home-based business. I highly recommend that you create an LLC. You’re still going to open yourself up to liability issues. If somebody were to have an allergic reaction or get sick, you personally could be held liable for that. Some states don’t require permits or licenses, but some actually do.

Printing services, whether it’s a business card or leaflet, all of that printing services, you need to keep a receipt because that is a tax deduction. Next up number nine is going to be labels. The food packaging that you’re paying for, if you’re buying online or in a local store, keep your receipts. Many states allow you to sell products online, but you have to deliver them locally. If you’re having a web designer build your product, you need to keep their receipts.

You also need to have hosting for your website and that’s a tax deduction worth up to $600. Fees for advertising, online classes and periodicals are tax deductions. The IRS allows you to write off a certain amount of miles based on your business. If you have to have a local city or county business license or permit to operate that cottage food, you need to make sure that those receipts are kept because those are tax deductions as well. Any gas that you put in your vehicle, you need to keep receipts for it.

That is being used for your business. If you get a website, you have to have. what’s called a domain name in order for you to register the. domain name and obviously have it annually. If you are looking for some great tax deductions under cottage food laws, or creating some type of food business from home, keep these in mind and of course, write them down. If this was a helpful video, please do give us a big thumbs up and I’ll see you guys on our next video.

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