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.
Thanks!
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.
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.
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