When you start-up your own business, there are a ton of things you ‘ll need to spend money on, but its surprising how many of them can be put off for at least a little while.  Sadly, some you have to pay from the get go.

• A computer. If you’re operating an online business, you’re going to have to have a computer. It is a business risk to invest in a new computer when you don’t know if you’ll succeed or not, so if without a business you’d never have a computer, consider leasing on. The write offs are better.  Go for a desktop- they’re cheaper and don’t skimp on the high speed connection.

• If you’re business is online, you’ll certainly need a url, some form of ecommerce software or if you’re working with a different type of template and/or you have a little more online skill you’ll also need an html editor like Dreamweaver.  You’ll need a hosting service as well.

• Finally, you’ll need to be sure to register your business, get a retail sales tax license if you’ll be selling online and set up a bank account

Yes, there are other things that you’ll need of course, but if you want to start a small business, get used to watching those pennies from day one.  It’s a skill that will serve you well.

With tax season upon us, many small business owners may be facing one of the most daunting tasks: their taxes. This is actually one of the biggest areas where small business failure occurs. There are a lot of deductions that many small business owners simply don’t know about, and missing them can end up costing a lot. You want to deduct as many expenses as possible, of course, so here is a list of some commonly overlooked ones.

• Gas. If you’re using your own car to run business errands or to go on a business trip, you can fill up your tank and deduct that expense. Just be sure you’re only doing business-related errands.
• Postage. If you mail a lot of things for your business, be sure to deduct the cost. If you have a PO Box for work-related mail, deduct the cost of renting it as well.
• Office space. If you have a room in your home solely dedicated to your business, you can actually deduct a portion of your rent or mortgage. You have to figure out what percentage your office space is, then figure that percentage of your rent.