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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