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Thread: Taxes |
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#1
November 12th, 2007, 12:11 AM
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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 |
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#2
November 12th, 2007, 12:11 AM
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TurboTax (and Quicken).
__________________
Mark Welch's Blog; My Datafeed Experience; Free Affiliate-Program Advice for Merchants; IANAL |
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#3
November 12th, 2007, 12:13 AM
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I got an accountant. They don't cost that much. Some people do it on their own.
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#4
November 12th, 2007, 12:13 AM
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Do they pay you as an individual or did you register an LLC or something similar?
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#5
November 12th, 2007, 12:20 AM
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Individual/sole proprietor. I had my accountant walk me thru it and on to paying quarterly taxes.
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#6
November 12th, 2007, 12:20 AM
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I file as an individual, with all the business expenses and income on Schedule C.
__________________
Mark Welch's Blog; My Datafeed Experience; Free Affiliate-Program Advice for Merchants; IANAL |
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#7
November 12th, 2007, 09:09 AM
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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.
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#8
November 12th, 2007, 09:18 AM
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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. 
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#9
November 12th, 2007, 09:27 AM
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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 Swartwout, Founder, Beaches and Towns Network, Inc. NEW Checks Program on SAS: Girly Checks | Yes, YOU can sell checks: ShareASale Sign-Up. Our Checks Business Provides Checks for Your Business. ABW Support Forum | Twitter | Facebook -- If you are too busy to laugh you are too busy.
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#10
November 12th, 2007, 09:30 AM
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We have an LLC for health insurance purposes
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#11
November 12th, 2007, 11:17 PM
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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. |
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#12
October 28th, 2008, 07:18 PM
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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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