paying your taxes

[fataltone]

I'm adding details to my business plan and about to begin a long journey in understand my tax obligations it's kind of confusing all of forms ..but through Score and SBA I think I'll get it down even if I use accountant as I probably will to help do taxes and one thing I want to learn is it better for my situation as a business owner to pay quarterly or annually
I will be providing services like audio tracking,mixing,loundness mastering,e-business consulting and then with the media company e-books,digital and physical music recording...
all this has to be applied to my situation
I know about keeping all reciepts because you can get tax credit for meals,gas etc. used for
so paying your taxes
most ppl just skip over paying taxes because they figure I don't make enough for the govt. to care or they won't find out about the loot I'm making because it's a cash business...but for those who sell on soundclick and make good money through their own websites...
how do you handle your taxes do you hire a accountant..do you use H&R Block small business services

click here on some resources
Tax Help and Training | SBA.gov
share your experience and concerns

[Cyko]

Good stuff

[W.A.I.S. Krew]

i to am interested in this, cant believe nobody here can shed some light on the issue

[Cyko]

What questions do you have on paying taxes please be specific and I will help

[H1N1PROOF]

*saves thread*, *leaves thread*

[fataltone]

Business Services - H&R Block Tax & Business Services here's another great link

---------- Post added 10-27-2011 at 01:07 PM ---------- Previous post was 10-02-2011 at 01:55 AM ----------

Home Business Tax Savings...Are You Overpaying Your Taxes! - YouTube

[zeeofafbllc]

I'm adding details to my business plan and about to begin a long journey in understand my tax obligations it's kind of confusing all of forms ..but through Score and SBA I think I'll get it down even if I use accountant as I probably will to help do taxes and one thing I want to learn is it better for my situation as a business owner to pay quarterly or annually
I will be providing services like audio tracking,mixing,loundness mastering,e-business consulting and then with the media company e-books,digital and physical music recording...
all this has to be applied to my situation
I know about keeping all reciepts because you can get tax credit for meals,gas etc. used for
so paying your taxes
most ppl just skip over paying taxes because they figure I don't make enough for the govt. to care or they won't find out about the loot I'm making because it's a cash business...but for those who sell on soundclick and make good money through their own websites...
how do you handle your taxes do you hire a accountant..do you use H&R Block small business services

click here on some resources
Tax Help and Training | SBA.gov
share your experience and concerns

Let me preface this by saying my background and degree are based in entrepreneurship.

I file taxes each year for my business(es) with my tax preparer. In order to help them out I try to account EVERY PENNY spent on my business! I do a lot of the leg work for my preparer so that all they have to do is plug in my numbers. This requires me to log ALL RECEIPTS for "business related purchases".

I categorize all my business expenses and file them. I keep an ongoing tally of monthly expenses and income via an excel spreadsheet. My business expenses could range from piano lessons to buying an outfit for a business meeting to purchasing business cards.

When it comes to how my business is taxed, however, it is a little different than most. I do the majority of my business online and as such there are no state tax laws (as of now in my state) that require you to pay sales tax on goods or services sold through the internet, if A. the majority of your business is done outside of the state B. You don't have a physical building where your business resides (i.e. office space downtown).

In regards to income tax, a business is taxed on income which is why many businesses like to either A. break even or B. reduce their taxable income through write offs. The less income you have to tax, the more money you "keep". Now if you aren't making more than 10k a year on your business, it could be considered "negligible" however you should always file your taxes even if you take a loss. You may still be able to receive money from Uncle Sam even in a down year. I can attest to this because when I started my online music production business, I took a loss the first year and still got money back during tax time because I filed my taxes and kept good financial records.

Ultimately I feel like I am a "one man show" in regards to my business. I am the marketing dept, accounting, customer service dept, etc all in one. I am able to do this mostly because of my background in entrepreneurship so I would not consider myself the norm.

My suggestion would be to find someone you trust to be diligent in keeping good financial records and hire them if you aren't up to taking on the businesses financial tasks. You can can include that employee expense in your business.

Not sure if I answered your question exactly but I hope that helps.

Zee

[fataltone]

Let me preface this by saying my background and degree are based in entrepreneurship.

I file taxes each year for my business(es) with my tax preparer. In order to help them out I try to account EVERY PENNY spent on my business! I do a lot of the leg work for my preparer so that all they have to do is plug in my numbers. This requires me to log ALL RECEIPTS for "business related purchases".



I categorize all my business expenses and file them. I keep an ongoing tally of monthly expenses and income via an excel spreadsheet. My business expenses could range from piano lessons to buying an outfit for a business meeting to purchasing business cards.

When it comes to how my business is taxed, however, it is a little different than most. I do the majority of my business online and as such there are no state tax laws (as of now in my state) that require you to pay sales tax on goods or services sold through the internet, if A. the majority of your business is done outside of the state B. You don't have a physical building where your business resides (i.e. office space downtown).

In regards to income tax, a business is taxed on income which is why many businesses like to either A. break even or B. reduce their taxable income through write offs. The less income you have to tax, the more money you "keep". Now if you aren't making more than 10k a year on your business, it could be considered "negligible" however you should always file your taxes even if you take a loss. You may still be able to receive money from Uncle Sam even in a down year. I can attest to this because when I started my online music production business, I took a loss the first year and still got money back during tax time because I filed my taxes and kept good financial records.

Ultimately I feel like I am a "one man show" in regards to my business. I am the marketing dept, accounting, customer service dept, etc all in one. I am able to do this mostly because of my background in entrepreneurship so I would not consider myself the norm.

My suggestion would be to find someone you trust to be diligent in keeping good financial records and hire them if you aren't up to taking on the businesses financial tasks. You can can include that employee expense in your business.

Not sure if I answered your question exactly but I hope that helps.

Zee

perfect great add man..
I have a education on in general business did take a entrepreneurship class and two business law classes and many other...need to finish 4 more finicial classes and a stats class...
these are the e-books I'm working on
working on these e-books all 101 page books
each page (incudes the tip and real world ways to use the tip)
101 tips for today's music business professionals and managers
101 tips for music and media bloggers
101 tips for the home business entrepreneurs
probably have a whole line of 101 tips books centered around business and music



I love excel and to keep tally but like you said if you're not up to these tasks get someone else to do it for you.
and on top of that if you want to do these taks but don't know how to get started setting up excel and a system and how your state will treat your business according to tax
contact me I can help
here's my info

The Walking on Water Coach Antonio aka fataltone

check out my thread here
http://www.futureproducers.com/forum...labels-364398/
and my other threads in this section
I do PR and business coaching,general consulting as well providing organizational coaching(which will give you more time in your work day and personal life)
if you want to take your career to new heights as a media professional please contact me
this is what I do

I provide services that get indie labels, artists and producers and all media professionals more publicity and profits

my process works as so
1.create a relationship with you(business owner)
2.help you birth a vision, or refine your vision(brainstorming sessions)
3.help you lay out a plan(online/street team plan,business plan,marketing plan,public relation plan,organization plan) and general and detailed plans for music professionals
4.help you stay motivated and on a timeline
5.show you how to enjoy your success and build upon it

also providing coaching/consulting on
marketing
salesmanship
professionalism
sure fire networking
faith and entertainment
leadership
time management/organization
Q & A Music Business/Law Consultation
Recording/Producer Studio design/organization(includes equipment suggestions for your budget)
reminder results are determined by your actions

HolyLamb Media & Entertainment Coaching and Consulting
Let's build a relationship to build your success

Affordable Services with Quality results
contact me here on package and one on one pricing
or at
holy_lamb_media_entertainment@hotmail.com

P.S. I do one freebie general Q & A consultation
so you can test my abilities to improve your success and knowledge

Wealth gotten by vanity shall be diminished: but he that gathereth by labour shall increase.
Prov. 13:11

YOU GOT DEAD PRESIDENTS, BUT I GOT A LIVING GOD

internet and taxes - YouTube
home based business and taxes - YouTube
watch the videos and see if your situation can be improved by the info provided