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I'm not really an accountant but I think I can figure out our small businesses tax issues. How hard is it really to do business taxes? What is the best software? Do you think for the first year I should have them done by a tax accountant?
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I was thinking the same thing. I bet they would find more for me to deduct with the business then I would find on my own. I think I'll use a tax accountant at first and then go from there. I might even go to the local college and take a tax class for small businesses.
Yes, good idea Nick.
There's a few traps to watch out for when starting a business and one of the main ones is that you will be paying for TWO years worth of tax in your second year of business. You'll have last years terminal tax to pay plus if you payed more than $2500 in terminal tax you'll HAVE to pay provisional tax for your second year as you go also. Then in year three you'll just pay provisional.
Lots of people (like me) have fallen into that one!
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I think if a small business is just starting out then a professional is definately needed to help get things done properly. Once they do it for you properly once, then you can take the reigns after that. It's a bit tricky for the first couple of years as there is a good chance the business won't make a profit.