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Posted by Bill Brown on April 28, 2007, 4:25 pm
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> The more important issue is, if you need to ask this
> question then you really need to talk to an CPA or other tax
> professional. I keep my own books, but when I first started
> my very small, one-employee, business I found a good CPA,
> had enough face-to-face and telephone meetings with him to
> understand how to keep my books and file the various Federal
> and state quarterly returns, Forms 941, 940, NY-45-MN, etc.
> However, he continues to be available for any questions I
> have, reviews our books before year end to make sure I have
> not made any mistakes, and prepares our Federal and state
> income tax returns.
Vic is correct. Your question suggests that you could easily
be missing other legitimate deductions or making other tax
reporting errors. You should engage the services of a local
tax professional (CPA or EA) who specializes in small
business taxation. In fact, you should have done that before
you started the business.
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