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Old 11-12-2012, 04:43 PM
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Quote:
Originally Posted by kynobi View Post
Sheesh. Thanks democrats. Anyone wanna buy some used equipment. LOL.
Thanks for the feedback. Truly appreciated.
The estimate above I am sure somewhat accurate but that all is based off if your really figured your profit correctly. A CPA could help you figure all this out and most likely pay for themselves with your newness to all this. A couple things he/she can help you figure out for example, do you operate out of your home, IE is the equipment stored at home, is there a office area used exclusively for billing and customer mgmt issue etc? If so a portion of your home payment, expense associated with the home like insurance on the home, phone bill etc may all be deducted from your income. What about depreciation of your equipment? I have a feeling with your low gross that your profit is not nearly what you think it is and a CPA will be able to help your discover your true cost of doing business as well as save your from paying any more tax than you need too.
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