Keeping track of my business
My business will be 100% legit, I have spoken with a few different accountants but have not settled on any one yet.
Thanks for the tips/advice
If you get a "good" accountant, he will be listing things out that you can and cannot do.
I suggest you make a list before you go visit one, so you get the most for your money. My accountant charged 95 bucks an hour for face to face consult, but he is one of the best in the county.
I don't know what business your are starting, but I would also suggest asking him about becoming an LLC, this separates your personal assets from business assets, think lawsuit. It also gives you some extra perks in regards to write offs.
There are literally hundreds of deductions that you can take legally, the more you can deduct, the less taxes you will have to pay in. Your taxes will be based on actual left over monies.
I would also suggest, when you get things rolling good, to purchase Quickbooks and use it religiously. It will let you know exactly where you stand, and when month end reports come around, and year end reports are needed, it's right at your fingertips.
Some things your accountant should tell you:
If you operate your business out of your home, part of the mortgage (if you have one) is deductible.
Part of your utilities is deductible, etc etc.
If you are traveling, and I mean anything related to business, keep track of mileage, the fed allows a pretty nice chunk of change for mileage.
Gas receipts, tolls, vehicle repairs and on and on.
Equipment repairs and purchases.
Depreciation on tools.
You get the idea, if they aren't focusing you on ALL of these things, find another accountant.
