What do I need to file taxes for my family and business?
I started a business in September 2010. I have an EIN, Articles of Incorporation, and records of all deposits made towards the business. That is all I have as I just recently purchased Quickbooks. I haven't had many transactions as it is a Disc Jockey Service, so there are not that many deposits. When setting up the business I had it setup so that all income would be reported as personal income. Is that enough information to provide to an Tax Accountant with H&R Block or even Amscot? If it is not, what should I do? Thanks is advance for you advice!
Public Comments
- If you had associated expenses, have those listed too for the tax person. Equipment? CD's? List by item, what they cost and when you bought them.
- If you just started your business, or making your business formal, if you don't have an accounting background I would recommend that you spend some money and hire and accountant to set up quickbooks for you. Getting quickbooks setup correctly can be a little tricky if you have no background. Nothing against the seasonal tax services but the money you spend with a good book keeper will be well worth it for not only being able to stand up to a potential audit, and the potential that taking all the deductions available will get you. If you have the latest version of quick books take time and go ahead and setup your assets in the programs tracking section. I started 10 years before this was available to go back and try to rebuild and use some of the new features to the full extent.
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