In this episode, I’m going to talk about how as a Shopify seller you can lower your taxable income and put the money you spend on your business back in your pocket. To be eligible for tax deducting, business expenses need to be ordinary and necessary. Ordinary expenses are expenses that are commonly accepted in your trade. And necessary expenses are expenses that are helpful and appropriate for your business. You are also required to document any business expense you deduct. That’s why it’s so important to track your expenses during the year and save your business receipts for at least three years after you file your taxes.

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