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just bought a convenience store question Tiny Lee 08-27-2007
Posted by Tiny Lee on August 27, 2007, 6:52 pm
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 Hello
Me and my wife just bought a tiny convenience store in Los angeles
California.
The store sells groceries, beer and wines and lottery.
This is our first business and we would like to do our own taxes and
accounting.
What kind of forms need to be filled out every quarter? What need to be
sent to IRS?
Any other advice?

Thank you very much in advance.



Posted by Rocinante on August 27, 2007, 11:20 pm
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 On Mon, 27 Aug 2007 15:52:27 -0700, Tiny Lee wrote:

> Hello
> Me and my wife just bought a tiny convenience store in Los angeles
> California.
> The store sells groceries, beer and wines and lottery.
> This is our first business and we would like to do our own taxes and
> accounting.
> What kind of forms need to be filled out every quarter? What need to be
> sent to IRS?
> Any other advice?
>
> Thank you very much in advance.

If you have never done this before, then it is best if you hire a local
accountant to show you how to do your paperwork.

--
"Tell me and I forget. Show me and I remember. Involve me and I learn."

RocinanteREMOVETHIS@gmail.com
8/27/2007 11:16:43 PM

Posted by John on August 28, 2007, 11:19 am
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> Hello
> Me and my wife just bought a tiny convenience store in Los angeles
> California.
> The store sells groceries, beer and wines and lottery.
> This is our first business and we would like to do our own taxes and
> accounting.

This is our first business and we would like to do our own taxes and
> accounting.

big mistake. At a minimum you should have professional help in
setting up your accounting records. If you start out incorrectly with
bookkeeping you will lose tax advantages as well as ways to spot
business mistakes (and opportunities)





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