Sweet Laurel Bakery stemmed from Laurel’s love for baking. But when she was struck with an aggressive auto-immune disorder, her doctor put her on a strict diet, which prevented her from enjoying so many of the delicious goodies she’d normally bake. When she started experimenting with grain-free and refined sugar-free ingredients, I was amazed at how tender and moist and full of flavor her baked goods were and knew this was something special. With so much praise, we turned Laurel’s test kitchen into Sweet Laurel Bakery where everyone can enjoy healthful, simple treats.
But as we delved deeper into our passion project, we learned that it takes more than a great product with a great story for a small business to thrive. One of the most stressful aspects has been navigating taxes as we’ve expanded – sales tax, state tax, the small business loans from the fallout of 2020. But, with the right guidance and advice, we’re stronger than ever. Working with an H&R Block Block Advisors tax pro, we talked through my deductions and found that I wasn’t taking advantage of working from home, and that my home office, kitchen, and shooting spaces are all work areas that I could make savings from.
Having a small business certified tax professional step in to help with our taxes gave me the confidence I needed that we were taking our business in the right direction and it freed up my time to focus on marketing and getting ready for our second cookbook launch.
With mishaps like mixing business and personal expenses, it can be confusing as to what can and can’t be deducted. Here are some of the deductions that us small business owners tend to overlook:
- Employee’s pay, including freelancers
- Home office
- Auto maintenance and mileage
- Advertising and marketing
- Repairs and maintenance
- Employee benefits
- Travel expenses
- Service fees
So, if you’re looking to have a simple and seamless tax season, definitely connect with Block Advisors because, if you’re like us, we started our small businesses to pursue a passion, not crunch numbers.