1. Track Everything

Keep receipts for all inventory purchases, supplies, and mileage. No receipt = no deduction.

Apps: Use Stride for mileage, a spreadsheet for inventory costs.

2. Mileage Deduction

2024 Rate: $0.67/mile

Trips to thrift stores, post office, supply runs, and storage units all count.

3. Home Office

If you have dedicated space for inventory/shipping, deduct that percentage of rent/mortgage.

10% of your home used for business = 10% of housing costs deductible.

4. Quarterly Estimates

If you expect to owe $1,000+ in taxes, pay quarterly estimates to avoid penalties.

Due dates: April 15, June 15, September 15, January 15.