Thanks to the internet, there are now many ways that you can make a living from home. No matter whether you admire writers or shopify developers you should find that there is something that you can do. However, there are a lot of expenses related to working from home, and if you have a period where you have no sales shopify wise then you may struggle with your finances. However, the good news is that there are expenses that you can claim back, and this means that you should think about this before completing your tax return.
If you incur any hosting fees, or other fees relating to your actual website, you will be able to claim these back on your tax return. This includes if you pay for a web address, if you purchase a premium package, or if you wish to pay for layouts that aren’t freely available.
Although you will charge buyers for postage, these costs can be deducted from your tax, as they class as a business expense. You may get frustrated at the amount of money that you actually have to spend on postage, but when you consider that you will have to pay less tax at the end of the year because of it, it becomes more acceptable.
The cost of running your home office
This only works if you have somewhere in your home that is used solely for working. If you have a home office, you will be able to claim back a portion of your energy bills, plus any rent that you may pay on the property. You will probably need an accountant to work this out for you, as it can get tricky, but these expenses can deduct a lot of tax at the end of the year, so it is more than worth thinking about.
Anybody you may hire to do a job
If you hire staff to do things for you, such as design your website, look over your finances, or proofread any work that you complete, their fee can be claimed back via tax, which is great news. This means that you should never worry about wanting to invest in your business, as it will always be worth it when you consider the fact that you can then claim any money back that you had to spend on it.
A lot of money can be spent on printing, so you should always keep receipts of your printer ink and paper, as this is something that you can claim back from your tax. Every little helps when it comes to expenses, so keeping track of even the smallest purchase is key.
Turning a profit is never easy with any business, but in order to make sure that you have the best possible shot of doing so, you should always try to keep up to date with your expenses if you can. Doing so gives you the chance of retaining as much of your income as possible, so it is certainly worth doing.