Taxes

When starting a catering busines you will need to budget for taxes. Your can use your social security number as a sole propritor or apply for an ein number. Your can apply for an EIN number online (http://www.irs.gov/businesses/small/article/0,,id=102767,00.html)

What business taxes are tax deductable - IRS small business guide on expenses that are tax deductable. (http://www.irs.gov/businesses/small/article/0,,id=109807,00.html) For more information (click here)

Some Possible Deductions are:

  • Accounting Fees
  • Advertising
  • Lawyer's Fees and legal fees
  • Mileage or depreciation of automobile and/or catering check.
  • Bad checks/debt - customer does not pay
  • Trade Shows, conventions, workshops
  • Asset depreciation
  • Association Dues
  • Donations or gifts
  • Home office
  • Insurance
  • Interest paid for loans
  • Licences and fees
  • Office Supplies
  • Marketing materials/supplies
  • Rent, Lease
  • Employee wages/salaries

Quarter Tax Dates:

Quarterly tax forms and payments need tot be postmarked no later than 30 days after the end of each calendar quarter. Below is a schedule, by quarter, of when the returns are due:

First Quarter returns and payments due on or before 4/30

Second Quarter returns and payments due on or before 7/31

Third Quarter returns and payments due on or before 10/31

Fourth Quarter returns and payments due on or before 1/31 

If a due date happens to fall on a Saturday, Sunday or holiday, then the due date will be the very next business day.

 

Tax Forms


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