I am a small volume home baker and I use the cake boss and if you put all your info into the software such as expenses as wel as orders and payments then absolutely. It was enough for me to do my taxes. I do not do a huge amount of volume and in my state I do not have to charge sales tax but even if you did you can include it in the cake boss software and run reports for the year with that information.
The only thing I can think of that cake boss would not do for your tax wise is the depreciation of assets. I'm not account it so please forgive me if I explain this poorly or incorrectly. But take for example you purchase an edible image printer. That is an assett of your business. Generally you don't write large assets off the year you purchase them. Generally you write them off depreciated over time. So if it was $1000 you may be able to claim a percentage of that over the life of the asset, maybe a 5 year period. Does that make sense. Cake boss won't help you do that. I will say that talking to my CPA friend about this last year when I did my taxes, she said that since the items I purchased were all under $300 that I was probably safe writing them off entirely in the year I purchased them. I'm small..the most expensive thing I bough for caking was my Agbay. If someone has more tax knowledge please feel free to correct any of the above.