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: I am the owner of this business as of Nov. 2013. In terms of expenses under the tax category, is my own labor part of this expense? I am the only employee of the company and I am not actually paying myself a wage yet. So can I come up with a wage (eg. $10/hour) and list this as "labor" in the "cost of goods sold?" Also: I assume that my "materials" would be all of the ingredients that I use to make my product. Is it ok to list them here? Finally, I assume that I can include all of the supplies that I purchased to get my business off the ground (approx. $4500) as "business expenses." Is this correct? Having never owned a small business, this is all new to me!

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