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Get Thee to An Accountant
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Posted by Ari [Email] (more from Ari) on Sat, 28 Mar 2009 19:24:19 Share Post by Email
In Reply to: Payroll/Taxation question, Dave, Sat, 28 Mar 2009 18:26:56
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Find an accountant. No, you don't need to hire him/her/it to do your books. Just let them know that you want to buy an hour of their time for consultation. Yes, you can imply that they'll be your first choice if you need an accountant, but pay the going rate. Then ask all of your questions, and ask what you don't know.

Not only do you have to worry about Federal Income tax, you also need to worry about Social Security taxes, and possibly Medicare. And don't forget the State you live in - there are any number of business taxes. Buying any equipment? Have a computer? Those may or may not be taxed as capital equipment by the state. And that is just scratching the surface.

So rent an accountant, and bleed his/her brain dry. Take good notes. You'll probably want to go back to them later and have them show you how to fill out the forms.

Two things to note-
DON'T try this until May. For some strange reason, accountants are really, really busy in the four weeks or so leading up to April 15. And then most of them need a couple of weeks off to let their brains cool off.
Yes, business taxes are simple, straightforward, and easy. Many folks will tell you this. Some of those folks also get to file their taxes from jail, but most simply find out that the term 'penalty' has real teeth. Lawmakers that aren't lawyers are CPAs; (or both) - the tax code doesn't run to hundreds of pages for nothing - most of those hit businesses. Don't try to cheap out on the money side of the business. And a good, experienced CPA can save you more than they cost.

Just sayin'

posted by 76.243.123...

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