I was once a business owner, did everything by the IRS book, 1 time I paid 1000 dollars more then I needed too on one tax then fell short 53 dollars on another tax that same month. Of Course the IRS fined me for being short 53 dollars and kept my 1000 over payment with out a refund. I now make more money working for a corporation then I did my own business because I didn't know the real world rules of running a business. I plan on getting a side business to supplement my income now, and when I do it will be different.
You need to milk every penny out of the business, If you don't, you will NEVER be successful!!
Now what this guy mentions on money central, You can take it this way, don't go in the food service business,
you have to get food permitts
Use the food you buy as dinning expenses as long as you have 2 people you are entertaining for business purposes.
Buy your ingredients: 50# of flour, 10 gallons of sauce, 20# of cheese whatever, because you want to entertain lots of potential customers for a product (non food)
Invite two friends over, talk to them about buying swamp land.
Bummer no sale!!
But you can then write off the pizza's you made,
What about the left over ingredients? Well that's for the future investors
but wait the food must have spoiled bummer, A tax Right off yes!
To bad you really used the left over ingredients for your family pizza's for the year!!
Now, one thing you have to do is make a profit with in 3 years or your business may lose it's corporation.
So find something, make an ebay company, but buy all your food, toilet products everything you can think of
through your company.
Myself I would love to get a non profit business license,
Those type of business make the most money!! Sure no corporate profit, easy to make that happen. It's called salary bonuses!!