Small Home Business Tax question.?

I Run a Small home business (online in FL) that ive had for a year now. I became LLC in July and things seem to be moving forward pretty well. its an electronics business. But im FREAKING OUT because i NEVER done taxes before and im wondering how i go about doing them for the entire year this year? ive made about $32,000 in sales so far but as any new business ive put ALOT and i mean ALOT back into the business. Website build, advertising, Stock, etc. I know you can deduct when you have recipts but what if i dont have all the reciepts? what percentage do i owe of the $32,000? Im stressing because i dotn want to end up owing thousands of dollars and my family be on the street?! is there a payment plan i can work out? who can i go to for help with taxes?! also when is the best time to faxes? annually? how do i pay my taxes?! im so lost and any help would be great! thanks so much for reading this and i appreciate your help.

2 Answers

  • 7 years ago
    Favorite Answer

    whoa.. ok slow down no need to freak out. ok an llc is treated like personal income if it is a single member llc. So the 32000 if that was your only income and you are single you would pay like 15 percent in taxes if you have NO write offs. However this is a business and you did dump money into it. So contact any vendor you bought anything from (website fees, cell phones, web design, all the places you advertised, and anyone that billed you) ask them for receipts showing what was bought. THEY will and should have records. Don't forget utilities. Again your an llc and it is pass thru income and taxed like you had a job. so you have till april to file your taxes. get on the horn and get all the receipts before you file.I would also hire a cpa to help keep you in check because it sounds like you are bad at keeping receipts. Pay a cpa fee and have him sit you down and explain all the ways to save money by purchasing thru your business

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  • 7 years ago

    jim means well, our other answerer;

    Neurodrive, you may taxes on NET PROFIT.

    if you started an R and D first, you are easily covered.

    regardless, there is no way you have a net profit.........

    thus, forget about the iRS

    you automatically have, in your behalf, cogs, shipping

    expenses, % of insurance costs/expenses, etc.

    can advise further......

    fact. less than 1% OF internet only businesses earn a profit!

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