Friday, February 4, 2011

Death and taxes (thankfully, just the taxes part)

I started my Barefoot Books business last October, just in time to cash in on the holiday season.  There definitely was some cashing in, but there were also a lot of expenses.  I think I only bought the barest of necessities to start-up, but even they added up to nearly a thousand dollars.  I needed inventory, a table, display materials, contact labels, paper, ink cartridges, clipboards, etc.  I did NOT purchase many things I wanted, like a nice tablecloth, return address labels, eco-friendly mailers, and countless other questionably-necessary items.  (In case your reading this, dear husband!)

Anyway, I recently learned that there is an upside to operating at a loss in the beginning: it's tax deductible!  I spoke to our accountant this morning, and the list of things I can deduct is pretty impressive.  I think I'm most excited about deducting a portion of our internet service, and mileage to and from events and book deliveries.  It's become a bit of a game for me to uncover every possible business tax deduction I can.  (Dear husband, you'd be proud!)

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