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Thread: New business - How to do taxes (Ohio)

  1. #1

    Default New business - How to do taxes (Ohio)

    Hello - I started a company about three months ago. I have made zero profit so far. I am in startup mode buying advertisement items, equipment, etc. At this point, I've spent about $1500. I am buying a truck for $37,000 next week. Can someone tell me how I should file taxes? Do I just the expenses and the cost of the truck on a Schedule C and include it with my personal taxes? All the funds I've spent and truck cost are coming from a loan I got to start the business.
    I am new to all of this, so please excuse my ignorance.

  2. #2
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    Get yourself a good business accountant. They will save you more money in the long run than they cost.
    Brad Miedema
    Fulcrum Saw & Tool

  3. #3

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    • Step 1: Collect income information. Gather as much information as you can about your income for the years you need to file.
    • Step 2: Determine deductions to reduce taxable income. Reduce your tax bill with deductions.
    • Step 3: Obtain proper tax forms.
    • Step 4: Complete tax forms.
    • Step 5 : Mail or e-file your tax return.

    Regards,
    Lewis



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