It's that time of year - March Madness! I mean tax season... We originally posted this article for the 2016 tax year but it is still just as pertinent today. If you read last year's article, read the "What's New" summary before deciding whether you need to read further. Otherwise, you might find it helpful to read the entire post.
Note: I am still working on our 2017 tax return. When I complete it, I'll edit this blog post to show the actual tax savings attributed to the "Overlooked Deductions." You can see our tax savings from 2016 here.
Please note that I am not an accountant and what is listed below is my own perspective based on reading IRS documents and soliciting professional advice. I am happy to help answer any questions via this blog or email (games [at] piecekeepergames.com) but consider hiring an accountant as needed.
Here is some guidance for every line on Schedule C that I have used in 2 years or believe might be used by other small board game publishers. I did not mention lines that are simply addition or subtraction of other lines. You may want to review the lines in Part II that I did not address to see if you should use them in your situation. Through 2 years I didn't need them.
If you don't already have a good system for tracking your business expenses, I would be happy to help you figure out a quick way to meet your needs. However, that topic would be a rather lengthy blog topic by itself so please reach out.
See notes on line 27a.
Feel free to ask Kirk any questions in the comments or email games [at] piecekeepergames.com. Maybe you already filed your taxes and wish you had the opportunity to claim some of the deductions listed. If so, you have a lot of time to consider amending your return if you believe it is worth your time.