8 Cake Business Tax Tips
by Sweet Success Magazine Staff
It’s tax season!* (Pssst make sure to follow this account for more cake business and bakery business tips.)
🗣️I don’t know who needs to hear this, but now (right now, right NOW) is a good time to start working on your business taxes (USA). You have until mid-April!
Don’t wait to get everything in order. Do it now while the professionals still have availability in their schedules.
Here are some tips to help you be tax prepared :
✅Do your homework! Bookmark IRS.gov and review the business sections (Publication 583 provides basic tax information for people who have a small business.)
✅Get a folder ready to help you keep your paperwork organized
✅Use a notebook to make any notes as you go through this process
✅Gather your business receipts. These are all of the tools, gadgets, and supplies you purchased to operate your business. Including all web hosting fees, your internet, etc.
✅Gather all of your sales receipts. If someone paid you to bake something, add it.
✅Itemize your deductions – this is where your receipts come in.
The IRS has categories for different types of deductions. For example, if you use your car for deliveries and networking events, you can deduct your mileage and/or…
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