ABSTRACT
138When tax time comes around, your store income and expenses will play a role. Remember that your store earnings are taxable income, and there is an electronic trail to support that. Typically, curriculum store income is a separate Schedule C form for tax reporting, though it is worth noting that precise tax rules and regulations vary from state to state, so always make sure to come to your tax professional with the following. QUESTIONS TO ASK BRING THIS INFORMATION WITH YOU
Can I deduct the fees I paid to my IP lawyer?
Can I deduct all or some of my Internet bill?
Can I deduct all or some of my cell phone bill?
Can I deduct fees paid to set up my LLC?
Can I deduct fees paid for “extras” such as fonts, software programs, and clip art?
Can I deduct all or some of the cost of a new computer or cell phone?
At what point would it be advantageous for me to pay taxes on my store earnings on a quarterly basis? How do I do that? (If you choose to do this, it can be advantageous to set aside a portion of your earnings every month to use for taxes.)
Can I deduct all or some of the cost of professional development as it relates to education?
The total you paid for the year in lawyer fees.
The total you paid for the year to your Internet provider.
The total you paid for the year to your cell phone provider.
The total you paid to set up an LLC.
The total you paid for any “extras” you used to create your products.
The total you paid for a new computer or cell phone that you used for business purposes.
Your total store sales for the year and your total store earnings for the year. (The difference between the two is the commission the platform took, and it may be considered a business expense.)
Any information from your curriculum store platform’s website regarding taxes in your specific state. This information is routinely updated, so it’s best to check once a year.
