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Subject Author Date
When do I pay or file taxes for my business? Davis 12-30-2007
Posted by Davis on December 30, 2007, 11:36 pm
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 When do I pay or file taxes?
I took over a tiny neighborhood convenience store past September 1st.
It's our first business. Store sells groceries, beer, lottery and
sodas.
I want to do my taxes on my own. When do I need to pay or file my taxes?
How many times a year? Which form do I use? I have no employees as me
and my wife works 14 hours/day, 7 days a week. The store is in Los
angeles county, California.
Thanks alot in advance


Posted by Rocinante on December 31, 2007, 5:44 am
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 On Sun, 30 Dec 2007 20:36:02 -0800, Davis@davis.davis wrote:

> When do I pay or file taxes?
> I took over a tiny neighborhood convenience store past September 1st.
> It's our first business. Store sells groceries, beer, lottery and
> sodas.
> I want to do my taxes on my own. When do I need to pay or file my taxes?
> How many times a year? Which form do I use? I have no employees as me
> and my wife works 14 hours/day, 7 days a week. The store is in Los
> angeles county, California.
> Thanks alot in advance

Didn't we already advise you to hire an accountant last summer?

Your sales taxes may be due to California soon, so I suggest that you hire
an accountant quickly to do your taxes and ask him or her to show you what
needs to be done. Did you program your cash register to ring up and record
the sales taxes?

Have you been logging your sales and expenses every day?
An accountant could show you what you could deduct as expenses from your
income taxes. Keep track of your miles traveled to conduct business
(commuting expenses are not deductible).

--
"Try not to become a man of success, but rather, try to become a man of
value."
-- Albert Einstein

RocinanteREMOVETHIS@gmail.com
12/31/2007 5:17:32 AM

Posted by Paul Thomas, CPA on December 31, 2007, 9:09 am
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> When do I pay or file taxes?
> I took over a tiny neighborhood convenience store past September 1st.
> It's our first business. Store sells groceries, beer, lottery and
> sodas.
> I want to do my taxes on my own. When do I need to pay or file my taxes?


Sales tax returns are generally due each month - so if you haven't been
filing those, prepare to go broke with that bill.




> How many times a year? Which form do I use? I have no employees as me
> and my wife works 14 hours/day, 7 days a week. The store is in Los
> angeles county, California.



If you are a sole-proprietor (un-incorporated), then file a Schedule C to
report the revenues and expenses of the business..


You do that now (due April 15th) and it gets filed with your regular tax
return (Form 1040).





--
Paul A. Thomas, CPA
Athens, Georgia







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