Just wondering, for those of you who do your own books/tax returns - do you amortize or write off your supplies, or do you have a threshold for this decision? I am filing schedule C for the first time this year, and am trying to figure out what way is best.
BTW - by supplies, I am talking about small value, reusable supplies such as tips, my new turntable ($35), pans, etc. They almost seem too small in value to amortize.
Free advice here from a CPA - write it off as an expense on your schedule C. Depreciation is usually for items that you will use over time and will last - 3 to 5 years and are usually big ticket items. If you are talking about $35, its an expense.
good question! I have wondered that myself.
Also look up waste water requirements to see if you need a particular kind of grease trap. I have to get one that is in the ground...not too happy about the expense of it....but it's necessary.
One that goes in the ground, are you kidding? Do you do more than cakes or are your state laws just that stringent?
I'm a caterer and I was only required to have a small box one under my sink.
That's Texas for you. I don't do that many cake...and even at max operations....I won't be using that much oil to where the grease trap will need the frequent cleanings that are required. I don't use shortening recipes at all. The county only requires it under the sink.
I'm debating on whether or not I should move my location. If I win the contest (see my siggy)....I'll stay and put the funds towards that.
I'm in a location where I know I'll be pretty successful...it's just this start up phase that is a struggle.