Don't Overpay Taxes in Your Small Handmade Business

Are you one of the many business owners who find filing your taxes so complicated?
That's probably because, as you tried learning about how to do your business taxes, you've found lots of conflicting information online.
In this video, handmade business coach Mei Pak debunks five common myths about taxes for online stores to set the record straight and make it easier for small business owners like you!
Here, we'll talk about:
• Whether or not you owe sales tax as an online store owner
• Shipping costs, home office deductions, inventory costs - are these taxable?
• What are the legitimate business expenses you can deduct?
Running your creative biz shouldn't mean tax season stress. Come watch this video to make tax filing a breeze.
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Timestamps
00:00 Introduction, why I made this video
01:07 Myth 1 - I Only Sell Online, So I Don't Owe Sales Tax
02:12 Myth 2 - Shipping Costs Are Taxable Income
02:53 Myth 3 - Home Office Deduction? Not for Online Stores
03:34 Myth 4 - Inventory Costs Don't Count Until I Sell Them
04:15 Myth 5 - I Can Just Deduct Everything as a Business Expense
05:09 Conclusion
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[@CreativeHiveCo]

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[@SewGrannySew]

Just finished up today. Minnesota has some funky laws, so our shipping is taxed as well. Do be familiar with your state, local and city laws. I would not attempt it first year, but I was blessed with a wonderful gal who taught me so much while doing ours both for last year and first 2024 quarter.😉

[@CreativeHiveCo]

That's awesome! Thank you for sharing!

[@julia.mcconnell]

Oh taxes are just horrifying 😩

[@CreativeHiveCo]

So true!