SQ is the SQUAD

so this is my first year working as an officail business. i have my Business licence, tax id number, and business checking account. i figured i minds well gety started on my taxes so i dont fall behind. i know i am going to be at a huge lost with all the big business purchases i made this year.

for those of you who dont know, i did junk car removal this year. i brought a tow truck and rand it all year. when i brought in junk cars i got paid cash with a recipt to keep track of how much i made. all the cars i got i took off the catalytic converters and also got paid cash from another broker. i did some local tows, prob about $100 a week but i dont have any records of that stuff.

i never did my own taxes, and i dont have money to pay anyone to do mine. my main question is how helpful is it to me to be in a loss. i know most business are at a loss for there first 3 years. my business has no credit and i want to start showing that i am making good money so that i can start building some credit. even if i report everytihng that i have to proove my income ill still be at a huge loss. should i try to "find" all my towing recipts to prove that i made more income?

some of my major deductions (all estimates, i am still calculating recipts)
truck $4000
insurance $175/mo @10 = $1750
syncrowave 200 $2000
fuel $1741 ( i know i spent double this, just gotta find more recipts)
mics parts for truck $400
uniforms $400
postage recipts $350
junkcar payouts est $2500
ecus and other car parts $700
nextel (24 hr use )$500
pre-paid sidekick ( controled time use ) $200
tolls $200


some of my incomes
junk car recipts $5626 (the one i could find)
catalytic converters est $2500 (no recipts)
ecu's $1500
local towing $1500 (i highly doubt i really did that much)
misc parts $1000


ill be here for the next few hours calculating my recipts, just looking for a few tips

SQ is the SQUAD

i just picked up another syncrowave 200 today, all together it ran me $2100, i am logging all this years recipsts in quickbooks

salesmonkey

my mom runs her own buisness at home, selling health products over the internet, and she pays taxes quarterly and then at the end of the year she likes to use turbo tax, and put everything in there. i use turbo tax the non buisness part of it, and its really nice it will run you threw everything and if theres any type of deduction it will ask you. i would recommend something like that for you. definitly better then paying someone else. and theres the option for getting your refund sent straight to your bank only takes like a week and free.

SQ is the SQUAD

yeah, i am going to best buy to see what tax softwear the got. i think my quickbooks might do it, i am not sure

MikeJ-2009

Advice that um, someone gave me.

Always show a loss.
What happens in cash sales isn't anyones business except yours.
Open a business checking account, and based on that you can get a business credit card. Up the limit whenever possible.
Open lines of credit or charge accounts with your suppliers.

RotaryGeek

and if your not smart you be bankrupt within two years ^

SQ is the SQUAD

actually thats not ture. i went to school for business and got a degree in business management and belive it or not, business accounting. both times we had classes on start up business and 97% of startup business are at a loss for at least there first two years.