Do you realize, that owning a
small business is a real trend in America today?
The number of
people starting a home bakery is increasing every week.
Though your specific bakery business may
be different than all the competition, there are things which are consistent across
all home based businesses,
the city ordinance problems,
the local & state regulation, like fire, garbage, health, building codes
the tax deductions for which you are eligible to name but a few.
no getting away from it though you should see a specialist in these areas
from a tax standpoint, and give you some strategies to maximize your
legal tax savings. This is one area I cannot nor will I offer you any
other advise than to see a good tax and accounting specialist. I have
had one ever since I started The Crusty Cottage Bakery and how to start
a bakery is based entiredly on that principal.
By far, the most important tax tip
anyone can give you is RECORD KEEPING.
You have heard that one of the most important aspects of buying real
estate is: “location, location, location”. For taxes, and effective tax
returns, the adage should be: “records, records, records”.
As a new business owner, tracking
all your expenses is essential for your success. Buy a file cabinet or
have a well-organized area in your home office set aside all your
records. It might seem overwhelming at first but keeping effective
records and being organized goes a long way in proper tax preparation
and could be a life saver in the case of an audit. Remember, keeping
accurate records will save money and countless headaches in the future.
you live in the USA you have a great web site set up by the people whom
most business owner shy away from and that is the IRS.
http://www.irs.gov. They have evrything a small business owner needs to
be compliant. Take advantage - it's free (in most cases)
with you local authority in your state, province or country for their
rules on home based business should be your very first thing to check
City hall is a good place to
The Chamber of Commerce is another place to check, if you have one in
your location. Maybe even your local unemployment office is another
check point. They might even have a way to assist financially too?.