Anonymous
Post 01/19/2012 11:53     Subject: Re:DIY small business taxes -- tips?
I think it doesn't matter if you have paid yourself or not - the profits of the business are treated as income. At least that's the case for my business which is a professional services business.
Anonymous
Post 01/19/2012 11:44     Subject: Re:DIY small business taxes -- tips?
Turbotax for small business has worked well for us.
Anonymous
Post 01/19/2012 11:29     Subject: DIY small business taxes -- tips?
OP here.

My business is an LLC, I have no employees so for IRS purposes I am a sole proprietorship. Haven't dealt with any of the unemployment etc taxes yet. I haven't technically even been paid from the business yet, as I have left all of the revenue in the business accounts to use toward growing the business/paying business bills.

It it matters, it is a service related business.
Anonymous
Post 01/19/2012 10:42     Subject: DIY small business taxes -- tips?
Our business nets about $75K and we do fine with TurboTax.
Anonymous
Post 01/19/2012 10:26     Subject: Re:DIY small business taxes -- tips?
What is the structure of your business? Is it a pass through entity? If so it should be pretty straightforward to do as part of your personal taxes. The thing that has been a challenge for my LLC (2 people) is the various unemployment taxes, franchise taxes and other things we need to file on a regular basis.
Anonymous
Post 01/19/2012 10:19     Subject: DIY small business taxes -- tips?
Anonymous wrote:
Anonymous wrote:I started a new business in the fall and cannot afford to hire an accountant. It seems like it should be fairly simple to do the taxes myself. I had less than $3,000 in revenue, and probably put about that much into the business to get it started. Prior to starting the business I earned a modest salary working full-time (about 50k). I do not own a home, nor do I have any real assets, so I'm thinking it should be pretty simple. I will be filing a 1040, Schedule C (likely showing a loss), and possibly schedule SE.

Just wondering if any experienced small business owners have any tips or tricks of the trade for me.





Yeah, that's Schedule C. Just don't get too creative.

It's also possible the IRS will treat it as a hobby, so be prepared.


What are the implications of that?
Anonymous
Post 01/19/2012 08:14     Subject: DIY small business taxes -- tips?
Thanks for the heads-up, 8:12. I don't see why they would treat it as a hobby, as I am doing it full-time. I don't think 3k is that bad for a brand new business that is just getting off its feet.
Anonymous
Post 01/19/2012 08:12     Subject: DIY small business taxes -- tips?
Anonymous wrote:I started a new business in the fall and cannot afford to hire an accountant. It seems like it should be fairly simple to do the taxes myself. I had less than $3,000 in revenue, and probably put about that much into the business to get it started. Prior to starting the business I earned a modest salary working full-time (about 50k). I do not own a home, nor do I have any real assets, so I'm thinking it should be pretty simple. I will be filing a 1040, Schedule C (likely showing a loss), and possibly schedule SE.

Just wondering if any experienced small business owners have any tips or tricks of the trade for me.





Yeah, that's Schedule C. Just don't get too creative.

It's also possible the IRS will treat it as a hobby, so be prepared.
Anonymous
Post 01/19/2012 07:52     Subject: DIY small business taxes -- tips?
I started a new business in the fall and cannot afford to hire an accountant. It seems like it should be fairly simple to do the taxes myself. I had less than $3,000 in revenue, and probably put about that much into the business to get it started. Prior to starting the business I earned a modest salary working full-time (about 50k). I do not own a home, nor do I have any real assets, so I'm thinking it should be pretty simple. I will be filing a 1040, Schedule C (likely showing a loss), and possibly schedule SE.

Just wondering if any experienced small business owners have any tips or tricks of the trade for me.