Need to do my business taxes for the first time Need help!?
409466
You should file schdule C for your Ebay business. You first account your sales from ebay, then you account your business expenses: cost to acquire the items for sale, ebay fees, paypal fees, shipping fees, advertisement, auto expenses, home office deduction, telephone expenses, supplies etc. The difference of sales and expense is the net income which is subject both income tax and selfemployed tax. Schedule C is complicated, please seek a qualified tax professional.\n\nZhicheng Lai\nEnrolled Agent
96981
File your taxes.  I run a home based business (graphic design) and learned the hard way.  I made $396 in my first year (started in December of that year), and didn't see the need it was small.\n\nI got a HUGE fine from the IRS.  Luckily I got it cleared because I had an atty do the work, but I learned - no matter how small, report it.  It isn't worth the headache.
950887
simple go to www.hrblock.com to tax estamater
331084
Do your taxes online.  It's relatively fast and relatively cheap.  They usually say it's "free" to prepare your tax return, but that's the catch:  It's free to "prepare."  Once you're done preparing, you have the choice to either pay them about $8-20 to file your tax return online or start all over again somewhere else.\n\nI filed online the past two years though and I loved it.  I was in control of my own taxes, I didn't have to sit and listen to some CPA and I didn't have to pay the CPA's heafty ransom for preparing my taxes as I did it myself.  You will generally get any refunds back a lot faster too.\n\nIf you want to file your taxes online, go to www.irs.gov and they have a list of sites that do online tax filing, or if you want an easier site to get to, go to www.hrblock.com and they do online taxes as well, that's where I went through.
584306
Find a Charter Accountant...and a good business lawyer...They should be of good use!
1096461
If you are not keeping books - keep every receipt or invoice and get someone to do it for you.  Don't throw anything out.  Make sure you are clear on the GST and provincial taxes to be charged.\nYou can invest in a system like Quick books or Simply accounting.  They are both quite straightforward.
356977
When it comes to tax deductions and expense write offs, the best thing you can do for yourself is to consult with a certified and experienced tax professional.\n\nThe legal form of your business is a major factor in how you pay texes, sloe proprietor, limited partnership, corporation?  If you are not sure ask an attorney.\n\nThere is nearly no limit as to what you can purchase and use for a business.  What you can write off however is a different story.  When you make purchases with the sole intention of business use, you should consider the depreciation of the asset,(thing you own are considered assets).  To estimate the depreciation value of an asset, try deviding the cost of the item by the number of years you expect to retain the asset in service, the resullting number is the amount of money you can deduct from your taxes each year untill the asset no longer serves your needs.  Another option is to write off the entire depreciation in the first year of ownership.  Though this may decrease your tax liability dramitically for that year, there will be no other tax benefits to the ownership of that asset.\n\nYou can also deduct the cost of operation such as rents, mortgages, utilities, insurance, interest paid on loans (real estate), vehicles and the cost of operation of the vehicle, advertising, accounting, legal fees.  Pretty much any expense that you incur for the business, and certain things that you share, such as a residence, or a car can be used as deductions at tax time.  Be careful not to double deduct items.  If you cliam your car as a business expense, don't claim the interest you pay on the loan in your personal taxes.\nThere are also limits to which you can make deductions; remember you don't want to run in the red with your taxes for more than a couple of years, as the IRS will closely scrutinize your tax returns and records.\nHope this helps.\nGood luck
890134
I've got my own LTD company. First find a good accountant who specialises in small businesses, he will keep you right as to everything you need to do. You need to decide on your company name and check it again the list at Companies House (you can do this on the net). You need to decide whether you wish to register for VAT (if your turnover is above a certain amount you don't have a choice, you must be registered). You will need liability insurance, but again a good accountant will point you in the right direction. Your accountant can also be your company secretary so you don't need a partner. Good luck!
518187
go get them by urself or ask someone, i hate taxes so always i avoid that even if ist illegal
244706
call the IRS, in your geographical area.\nhttp://www.irs.gov
701155
Go to the CA Secretary of State website (http://www.ss.ca.gov/) for information on starting a business.\n\nI would HIGHLY recommend that you DO NOT be a sole proprietor, and do NOT use your SSN (get an Employer ID Number from the IRS for free--see www.irs.gov for how to do that).  You pay a LOT more in taxes if you are a sole proprietor (pay double for Fed, Social Insecurity, and State taxes).\n\nI would recommend a corporation (for reducing tax liability) or a Limited Liability Company (LLC) for reducing personal liability, and you can have an LLC taxed as a corporation, too.\n\nYou do have to go to the county clerk's office to register the business, pay the money, and advertise the formation of the business in a local newspaper (the clerk will have this information for you).\n\nGo to www.alglaw.com for additional info.
196403
Send in your receipts. They also usually have a form to fill out.
103012
Go to H&R Block, they will itemize EVERYTHING. Or you can do it yourself, but you have to pay a little extra online :o)
557317
http://www.irs.gov/businesses/small/article/0,,id=110417,00.html
509405
Find a good CPA to help you with your books. He has to figure out incoming money (gross), the cost of items bought, how busy the place is, taxes, and all that. He'd be the best one to ask.
751379
With your 1099 Misc. income you will be required to file a Schedule C (Business Profit and Loss)and Schedule SE (Self-Employment) along with a regular form 1040.  As for the money you will be paying your friends you should issue them a form1099 Misc for their share of the income you received and report that as an expense on line 11 of your Schedule C.  With the links below you can view each of these forms.  You should note that you can't download the 1099 Misc you must order that from the IRS but they provide the instructions on this link.\nThe need for a business license is not a tax issue.  It will depend on the location where you are doing the work.  It is deductible if you are required but I would not go out of your way to get one unless the client insists that you have one or the jurisdiction is very persistent. \n\n\nhttp://www.irs.gov/pub/irs-pdf/f1040sc.pdf\nhttp://www.irs.gov/pub/irs-pdf/f1040sse.pdf\nhttp://www.irs.gov/pub/irs-pdf/f1099msc.pdf
1079893
To get started, I suggest contacting the Small Business Administration (SBA) – links below. Entrepreneur also offers a great site dedicated to money & finance – see below.\n\nI listed a couple IRS links as well.\n\nHope that helps!