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  1. #1
    Member
    Join Date
    October 25th, 2006
    Posts
    123
    Taxes
    Hello, this is my first year and I was looking for some advice on how you guys do your taxes?

    Anything would help. Thanks for your time.

    Regards,
    Matt Weidner

  2. #2
    .
    Join Date
    January 18th, 2005
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    2,973
    TurboTax (and Quicken).

  3. #3
    ABW Ambassador
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    January 18th, 2005
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    Nunya, Business
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    I got an accountant. They don't cost that much. Some people do it on their own.

  4. #4
    Member
    Join Date
    October 25th, 2006
    Posts
    123
    also
    Do they pay you as an individual or did you register an LLC or something similar?

  5. #5
    ABW Ambassador
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    January 18th, 2005
    Location
    Nunya, Business
    Posts
    23,684
    Individual/sole proprietor. I had my accountant walk me thru it and on to paying quarterly taxes.

  6. #6
    .
    Join Date
    January 18th, 2005
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    I file as an individual, with all the business expenses and income on Schedule C.

  7. #7
    ABW Ambassador newestuser's Avatar
    Join Date
    February 14th, 2007
    Posts
    505
    S-corp. I pay quarterly taxes based on last year earnings... but I increased my sales, so I'm going to owe a lot of money in april.

  8. #8
    Troll Killer and best Snooper!
    I decide when the pigs fly!
    Rhea's Avatar
    Join Date
    January 18th, 2005
    Location
    New York, USA
    Posts
    6,195
    I pay quarterly estimated taxes and file as an individual/sole proprietor. I determine how much money to send each quarter based on a percentage of my previous three months earnings. I also have a home equity line of credit just in case I don't estimate well. Earning half my income in the fourth quarter can really make life interesting.
    Damn, I wish income averaging was still an option.

  9. #9
    Beachy Bill's Avatar
    Join Date
    November 20th, 2005
    Posts
    8,266
    I have an LLC for liability purposes, but a CPA does my taxes and he has me file as an individual/sole proprietor. This system has worked for me for several years.

    Newestuser, you might consider putting some "extra" deposit in your 4th quarter estimated payment so you don't get hit with a penalty for underpayment for the year. My business income is somewhat seasonal so I get off relatively easy for estimated payments in Q1 and Q2; but have to pony up 5 figures for the 3rd and 4th quarter estimated. So far the feds haven't complained.
    Bill / Marketing Blog @ 12PM - Current project: Resurrecting my "baby" at South Baltimore..
    Cute Personal Checks and Business Checks
    If you are too busy to laugh you are too busy.

  10. #10
    ABW Ambassador
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    January 18th, 2005
    Location
    West Coast USA
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    We have an LLC for health insurance purposes

  11. #11
    Moderator bibby's Avatar
    Join Date
    November 6th, 2007
    Location
    Minneapolis, MN
    Posts
    2,315
    individual proprietor for me. Not enough moolah yet to go S-Corp or LLC. As an individual proprietor you can generally take a loss (if it applies) for 2 to 3 years and then the IRS may force you to claim as a hobby.

    I use Tax Cut.

  12. #12
    ABW Ambassador affninja's Avatar
    Join Date
    December 11th, 2005
    Location
    Nor-Cal
    Posts
    651
    Can anyone in Northern California recommend an accountant for me? I'm searching for the right tax help for my biz but thought I'd ask here as well.

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