iStock/ThinkstockExpenses related to looking for a job, relocating for work or even selling things online could all be deductible when it’s time to file your taxes.
“Even if you don’t think you have a business online just because you sold a few things on eBay, you need to keep track of everything you’re receiving — all your income,” says tax accountant Janice Hayman. “As well as taking advantage of all your potential deductions.”
So be sure to keep those receipts. And that, she says, also goes for the following if you’re selling stuff online: “The cost of shipping, any other cost, the cost of the item itself that you’re selling, as well as any digital subscriptions that you’re maintaining in order to conduct your business.”
If it’s a very involved business, you may be able to take a home office deduction. That can be more complicated but, in any case, it might be worth consulting with a tax professional to see what’s deductible.
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