Now that we are 1 year past the completion of our first Kickstarter (Flag Dash), it's about time to start sharing some of the lessons that we learned throughout the process of designing and publishing our first game. I (Kirk) wanted to start with a time-sensitive topic that I see discussed infrequently: taxes.
I thought a board game business was about playing games..
I am addressing individuals who file their board game publishing business taxes on Schedule C with their personal tax return. I will start with some of the most valuable deductions I believe are often overlooked (in order of the largest tax savings for me in 2016) and then move on to specific line details.
Please note that I am not an accountant and what is listed below is my own perspective based on reading IRS documents. I am happy to help answer any questions via this blog or email (games [at] piecekeepergames.com) but consider hiring an accountant as needed.
Overlooked Deductions
- Mileage Costs: $3,181
When driving anywhere for the purposes of business, you can count the mileage driven as a business deduction. This can save you a lot of money on your taxes compared to just deducting your gas receipts (you can only deduct one or the other). However, many people find it overwhelming to record your business mileage accurately and easily (due to IRS rules) and settle for just claiming gas costs.
Hopefully I can help make this process much simpler. I created a Mileage Log that satisfies all IRS rules and is pretty easy to use. I have now used it for 2 tax years and am ready to share it with others. Feel free to share with others and ask any questions.
Notes:
- Instructions: I put together detailed instructions in the "Instructions" worksheet.
- Examples: I listed some examples to help get you started on the "Mileage Log" worksheet.
