Home Page link  

Taxes for my Business, Help!

  
Groups | Search | About
User Password
Register Now! Lost Password?

Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated)

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
Taxes for my Business, Help! David Singer 07-28-2007
Posted by David Singer on July 28, 2007, 12:24 am
Please log in for more thread options
 My accountant has disappeared from the face of the earth...
(Or at least she hasn't returned my calls for the last two
months) so I have decided to file the taxes for my small
business myself...

I would like to get a bit of startup help from you guys in
order to do it.

On May 2006 I incorporated an S corporation in Florida, I have a tax ID
number, etc. the primary business activity of my company is
Information Technology Consulting; an example of my work:

A person needs computer help at home, so I visit the person,
repair the computer and charge an hourly rate.

The last thing I heard from my accountant is that she filed
an extension for my company so I don't have to pay until
September 15th 2007.

Since May last year (when the corporation was created) until
today, my net income from it has been around $10.000.

My company has 2 credit cards which have transactions
related to my business (purchase of computers for later
resell, gas for my car, etc) and a checking account.

So, I guess my questions are:

Where do I start? Which forms do I file with IRS?

Do I have to file state taxes in Florida?

I have been reading about Intuit TurboTax for business, do
you think it would be worth purchasing it to file with it?
If so, should I get the state version as well?

I REALLY appreciate your help and any additional advice that
you may give me.

David

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Mike on July 29, 2007, 10:11 pm
Please log in for more thread options
> My accountant has disappeared from the face of the earth...
> (Or at least she hasn't returned my calls for the last two
> months) so I have decided to file the taxes for my small
> business myself...
>
> I would like to get a bit of startup help from you guys in
> order to do it.
>
> On May 2006 I incorporated an S corporation in Florida, I have a tax ID
> number, etc. the primary business activity of my company is
> Information Technology Consulting; an example of my work:
>
> A person needs computer help at home, so I visit the person,
> repair the computer and charge an hourly rate.
>
> The last thing I heard from my accountant is that she filed
> an extension for my company so I don't have to pay until
> September 15th 2007.
>
> Since May last year (when the corporation was created) until
> today, my net income from it has been around $10.000.
>
> My company has 2 credit cards which have transactions
> related to my business (purchase of computers for later
> resell, gas for my car, etc) and a checking account.
>
> So, I guess my questions are:
>
> Where do I start? Which forms do I file with IRS?
>
> Do I have to file state taxes in Florida?
>
> I have been reading about Intuit TurboTax for business, do
> you think it would be worth purchasing it to file with it?
> If so, should I get the state version as well?
>
> I REALLY appreciate your help and any additional advice that
> you may give me.

Go directly to a new tax professional. S corps don't pay
taxes. The shareholder does.

Mike

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by John H. Fisher on July 29, 2007, 10:11 pm
Please log in for more thread options

> My accountant has disappeared from the face of the earth...
> (Or at least she hasn't returned my calls for the last two
> months) so I have decided to file the taxes for my small
> business myself...
>
> I would like to get a bit of startup help from you guys in
> order to do it.
>
> On May 2006 I incorporated an S corporation in Florida, I have a tax ID
> number, etc. the primary business activity of my company is
> Information Technology Consulting; an example of my work:
>
> A person needs computer help at home, so I visit the person,
> repair the computer and charge an hourly rate.
>
> The last thing I heard from my accountant is that she filed
> an extension for my company so I don't have to pay until
> September 15th 2007.
>
> Since May last year (when the corporation was created) until
> today, my net income from it has been around $10.000.
>
> My company has 2 credit cards which have transactions
> related to my business (purchase of computers for later
> resell, gas for my car, etc) and a checking account.
>
> So, I guess my questions are:
>
> Where do I start? Which forms do I file with IRS?
>
> Do I have to file state taxes in Florida?
>
> I have been reading about Intuit TurboTax for business, do
> you think it would be worth purchasing it to file with it?
> If so, should I get the state version as well?
>
> I REALLY appreciate your help and any additional advice that
> you may give me.

The BEST ADVICE is that you retain a new accountant, unless
there is a very good reason that your current accountant has
not been responding. The issues of payroll (as an employee
of an S-Corp, you are required to pay yourself based on
industry standards), depreciation (decision on how to do
it), potential for overlooking deductions, etc. could end up
costing you far more than the cost of having a professional
guide you through the maze. As for tax programs, they have
their merits if you aren't putting in slop 'n' getting
"slop" back. Often, I have to amend such returns because of
serious errors in reporting income/expense/etc.

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Benjamin Yazersky CPA on August 1, 2007, 4:26 pm
Please log in for more thread options

> My accountant has disappeared from the face of the earth...
> (Or at least she hasn't returned my calls for the last two
> months) so I have decided to file the taxes for my small
> business myself...
>
> I would like to get a bit of startup help from you guys in
> order to do it.
>
> On May 2006 I incorporated an S corporation in Florida, I have a tax ID
> number, etc. the primary business activity of my company is
> Information Technology Consulting; an example of my work:
>
> A person needs computer help at home, so I visit the person,
> repair the computer and charge an hourly rate.
>
> The last thing I heard from my accountant is that she filed
> an extension for my company so I don't have to pay until
> September 15th 2007.
>
> Since May last year (when the corporation was created) until
> today, my net income from it has been around $10.000.
>
> My company has 2 credit cards which have transactions
> related to my business (purchase of computers for later
> resell, gas for my car, etc) and a checking account.
>
> So, I guess my questions are:
>
> Where do I start? Which forms do I file with IRS?
>
> Do I have to file state taxes in Florida?
>
> I have been reading about Intuit TurboTax for business, do
> you think it would be worth purchasing it to file with it?
> If so, should I get the state version as well?
>
> I REALLY appreciate your help and any additional advice that
> you may give me.

short answer...find a new CPA/tax professional

you've mentioned way too many different things that will get
you in trouble trying to do it on your own

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>

Similar ThreadsPosted
Sale of Business Taxes? January 25, 2007, 2:43 am
Business taxes for an out-of-state LLC ? August 17, 2007, 12:02 am
North Carolina Business Taxes March 1, 2008, 10:23 am
Minimum taxes for various form of business entities in NYC February 27, 2007, 3:17 pm
Which Form to Pay Quarterly Taxes for my Incorp'd Business? May 8, 2007, 1:12 am
Taxes and internet business: Are payments legal in the US? May 27, 2008, 12:30 pm
Mileage Deductions When Driving for Both Business and Non-Business. March 1, 2007, 9:08 pm
Transfer Business Vehicle From One Business To Another June 12, 2006, 9:18 pm
Re: Business Tax ID prior to business plan June 29, 2006, 12:15 am
Will there be tax deductions for my LLC business? July 12, 2007, 7:34 pm

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap