What can I deduct in my reselling business?

Deduct everything you can! Most deductions are straightforward, but some are a bit tricky. In this video I'll review what deductions are, what the most common deductions are in a reselling business, and how to deduct some of the more complicated deductions. FREE DOWNLOAD - 31 Tax deductions for resellers https://notyourdadscpa.com/31-tax-deductions/ 1) SUBSCRIBE to learn how to get a handle on your business! https://www.youtube.com/channel/UCV9ns78ekwpojACIGmXXDnw?sub_confirmation=1 2) FREE GUIDE: "Business Starter Guide for Resellers" https://notyourdadscpa.com/business-starter-guide-for-resellers/ 3) COME JOIN THE FREE GROUP! Accounting for Online Sellers free Facebook group: https://www.facebook.com/groups/accountingforsellers/ 4) READY TO DITCH THE TAX ANXIETY? Reseller Tax Academy: https://www.resellertaxacademy.com/ Reseller Finance eBook: https://notyourdadscpa.com/reseller-finance/ 5) LET'S CONNECT! Follow for tips on Instagram! https://www.instagram.com/notyourdadscpa/ Facebook: https://www.facebook.com/notyourdadscpa Website: https://www.notyourdadscpa.com 6) NEED TAX HELP? I am always ready to help new clients! https://notyourdadscpa.com/tax-season/ TIMECODES: 0:00 - Introduction 0:25 - What is a Deduction? 1:01 - IRS Definition of Deductions 1:56 - Deductions vs. Recovery 2:44 - Common Deductions 3:32 - Inventory Deductions 4:34 - Capital Expenses 5:30 - Business Mileage vs. Actual Expenses 5:53 - Deducting Meals and Travel 6:52 - Additional Resources