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Old 02-17-2010, 12:54 PM
DoetschOutdoor DoetschOutdoor is offline
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Join Date: Aug 2005
Location: S. IL
Posts: 1,826
Some of you guys must be getting ripped when you go see the tax person...my business is relatively small (45 accounts) but it takes my guy all of about 20 minutes to punch my numbers into his high dollar program. I take him one piece of my book with all of my year end figures and he just punches them in. Under $100 bucks as well, which was a business expense. Going to a CPA is not a big deal. Its 2010 and they are everywhere. Unless you have tons of other revenue, investments, rental property, etc, a CPA can handle most of the businesses on here in just a few minutes. Original poster, you will be able to deduct all of the expenses you listed plus any depreciation, cell phone bill, office supplies, t shirts, college tuition gives you a BIG deduction (which is added back in to your net at the end), etc.

360ci, it might been the way you typed it but you said gross 50K, pay your taxes on that, then subtract your expenses? That could very well be the proper way for canada but here we take gross revenue, subtract business expenses, then your tax liability is due on what you made after your expenses. So if you grossed 50k, minus your 25k expenses, then you would pay taxes only on 25k. I mighta misunderstood ya though.
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