I have had a search through previous topics and cant find an answer, so posting this as a new topic.
What is allowed as deductions in your tax return? I am doing quite well selling this year/last year and dont want to get to the end of the year and owe the tax man. So I need to be sure that my taxable deductions/expenses are correct.
I know I can claim materials, postage supplies and equipment. I need to sort out a portion of my electric bill that heats my kiln. But what little things might I be missing? I would like to purchase more art/craft magazines to keep up with trends, these are expensive, can I buy these from my business account?
Any help appreciated.