Craft Marketer
Newsletter
Craft Business Ideas
Issue Number 14,
February 25, 2001
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IN THIS ISSUE
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1. Tax deductions from your arts and crafts business
2. Subscription Management
3. Contact Information
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1. Tax Deductions From Your Arts and Crafts Business
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It's almost tax filing time again so this article lists
some of the many deductions you can legitimately claim
from your crafts business.
The IRS says that all business expenses have to meet four
rules in order to be deductible:
1. Expenses deducted must be incurred with or from your
business or trade.
2. Expenses must be "ordinary."
3. Expenses must be "necessary."
4. Expenses must "not be lavish or extravagant."
Check out these deductions you might want to
include this year when preparing your tax return:
Accountant's fees
Advertising
Alarm systems
Allowance for bad debts
Answering service
Appraisal fees
Association dues
Athletic facilities
Attorneys
Awards (you give to employees)
Bank charges
Bankruptcy
Benefits (paid to employees)
Books
Bounced checks (from customers)
Business gifts
Business trips
Cartons
Casualty losses
Children on payroll
Cleaning service
Clothing (uniforms, costumes, protective)
Coffee service
Commissions
Computers
Contributions
Conventions
Copyrights
Credit card fees and interests
Damages
Decorating
Dependent care provided for employees
Depreciation of assets
Education
Entertainment (50% deductible)
Exterminator
Fire protection systems
Flowers (for office, store, client or parties)
Garbage service
Greeting cards
Grooming expenses while traveling for business
crafts office
Improvements
Insurance
Internet access
Laundry services
Lawn care
Legal fees
Licenses
Machinery
Magazines
Mailing list rentals
Maintenance
Mileage allowance
Moving expenses
These are some of the
many legitimate deductions your crafts
business may quality for. For hundreds of others, see
422
Tax Deductions.
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2. Subscription Management
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