@liz50 wrote:
I keep all my receipts for literally everything - groceries, tools, rent, clothes, all things. This is kind of a two part question because I also want to know, as a nutrition coach who posts content almost daily of what she is eating as part of her marketing plan - is it okay to write off groceries as "marketing supplies?" Or would that fall into another category all together for self employed? For example, if I’m intentionally featuring meals the way a culver menu prices showcases specific items, does that change how those food purchases are treated for tax purposes? Then, follow up to that - do I need to keep receipts for everything I buy for multiple years or just until my tax return is accepted? If I do keep receipts - do I only need to keep them for business expenses? TIA for whoever tackles this!
I’m actually in the same boat and have been wondering about this too. I also keep receipts for pretty much everything and get confused about what truly counts as a business expense. The grocery question is especially tricky when food is part of your content and marketing. I’m not sure if it’s considered marketing, meals, or something else entirely. I’ve also heard mixed advice about how long receipts should be kept after filing taxes. Hopefully someone with accounting or tax experience can clarify what’s safest to do. This would really help a lot of self-employed folks like us.
