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Should I file taxes my first year; starting over?

I've owned a cleaning and emergency flood business since 1998. In 2006 business took a downturn for the worst. Now, it is slowly picking up again. I just reinstalled my commercial telephone line and I have a few good customers. My question isn't difficult at all. The only thing I want to know is would you file taxes your first year starting business over? Yes, I know I can ask my accountant, but I want to know what you would do. I am trying to get ahead a little. Honestly I have not made that much yet. This are so rough for me right now and I need all the leway I can get. If you are going to send a mean email I will not read it's entirety. If you have your own business, that you started from scratch all on your own ...I 'd like to hear about it. I love networking with entrepreneurs. We are the people who helped build America.

 
Godswk

Asked by Godswk at 7:40 PM on Oct. 14, 2009 in Money & Work

Level 9 (282 Credits)
This question is closed.
Answers (4)
  • If you make more than $600 during the year from it, you need to report the income. You can deduct with business expenses. You might not owe much in taxes after taking the expenses into consideration. File. Don't avoid it because you need "leeway". If you fail to report and you get audited, you'd owe way more in interest and penalties than putting it off is worth. Then there's the whole nagging guilt thing for defrauding the government. You don't need that headache and burden on your shoulders.
    halfpint_ny

    Answer by halfpint_ny at 8:04 PM on Oct. 14, 2009

  • I agree with halfpint ny. We owned our own small business and you are better off to file the taxes. If you were to be audited you would be screwed. You probably won't owe much after reporting your expenses. Better to be safe than sorry.
    Anonymous

    Answer by Anonymous at 8:58 PM on Oct. 14, 2009

  • Call the IRS 1-800-829-1040 - Hours of Operation: Monday – Friday, 7:00 a.m. – 10:00 p.m. your local time (Alaska & Hawaii follow Pacific Time).
    rkoloms

    Answer by rkoloms at 8:32 AM on Oct. 15, 2009

  • I did taxes this year and I learned that if you earn any commission over $400 you should file your taxes. But I really am having a hard time remembering all the tax laws I learned :P...so go to the IRS website. The second half of December get the IRS Publication 17. Its free and they will mail it to you. You can also get the the current one for now at least it will answer some questions. www.irs.gov. There are others there regarding small businesses as well but I do not remember all the publication numbers. I would also type in the search bar any question you have and info will come up.
    Anonymous

    Answer by Anonymous at 12:40 PM on Oct. 15, 2009

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