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Getting Started with Business Taxes in US

Discussion in 'Business & Tax Advice' started by SirSkitzo, Mar 8, 2013.

  1. SirSkitzo

    SirSkitzo Newbie

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    I started a moonwalk business last year and I don't have the slightest clue about how to handle my taxes. Here are a few questions I had that someone can hopefully help me out with.

    1.) How much do you have to make before you have to start paying Business Taxes?
    2.) What records should one keep for when they file taxes?
    3.) What tax forms should I familiarize myself with when offering an inflatable moonwalk delivery service?
    4.) How do I get started? Any good references, tutorials, eBooks, etc?
     
  2. SirSkitzo

    SirSkitzo Newbie

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    Any advice for a first timer? Any good eBooks one would recommend?
     
  3. BHopkins

    BHopkins Moderator Staff Member Moderator Jr. VIP

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    If you made a decent income and have expenses you can get TurboTax (business edition). A good accountant can save you more money by knowing what additional items you can expense like cell phone, home office, electricity, etc.
     
  4. burnett4congress

    burnett4congress Jr. VIP Jr. VIP Premium Member

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    If you haven't already, file an extension right now!

    The filing date for corporations whose fiscal year ends December 31 (the vast majority) is March 15.
     
  5. burnett4congress

    burnett4congress Jr. VIP Jr. VIP Premium Member

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    In general terms, everything in your business is either income or expense. So you need to categorize everything.

    The easiest thing to do is to have all transactions to through your bank accounts. That way you just look at your statements and categorize as you reconcile.

    Some banks/financial programs will do this automatically.

    Then the only complicating factor is capitalizing assets and then depreciating them.
     
  6. moneyklip

    moneyklip Newbie

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    You think its still to late to file? How do I request an extension?
     
  7. burnett4congress

    burnett4congress Jr. VIP Jr. VIP Premium Member

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    Go see a competent tax guy. This year there is a special exemption to late filing penalties if you submit an extension that also includes one of the delayed forms like the 4562 for depreciation.