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amador137 · Nov 15, 2007, 12:06 PM

Hi, Its always been my dream to start my own home based computer repair business. I need someone to guide me to the right path. I've been reading a lot about starting a business but I just had some problems regarding filing taxes regarding my computer repair business. I already acquired my Business name License in my city and also filed a DBA. My next challenge is to know about tax requirements.

My questions are , "When do we need to start filing taxes?" , "How do we get the forms required for my business?", "Can I file it online?" , "How to know the schedule when to file it online?" , "Do I get something from the mail on how and when to file taxes?".

I mean all my problem is regarding IRS taxes requirement. I started my business 6 months ago and don't have a clue when to file taxes. I know someone told me to file taxes quarterly , I just don't know how. I'm new to these whole business thing and desperately need someone that is experienced with this whole thing. I needed the next step. Please tell me what else I need to do or If I forgot something. Again, I have my Business name license and DBA for my computer repair business that is home based . Basically, my business is all about going to people's houses to repair their computers. I really want my business to be a success.Thank you very much. I will be waiting for your answers.

ScottGem · Nov 15, 2007, 12:10 PM

Before you can answer the tax issues you need to define the nature of the business. Is it a sole proprietership? S Corporation, LLC, corporate entity or what.

That defines how you deal with taxation.

amador137 · Nov 15, 2007, 12:41 PM

Originally Posted by ScottGem

Before you can answer the tax issues you need to define the nature of the business. Is it a sole proprietership? S Corporation, LLC, corporate entity or what.

That defines how you deal with taxation.

Hi, thank you very much for your quick response. The nature of my business is sole proprietorship. What do u recommend I need to do next?

ScottGem · Nov 15, 2007, 12:43 PM

With a sole proprietership all you need do is file a Schedule C with your regular tax return. Familiarize yourself with the schedule C and what records you will need to keep.

Fr_Chuck · Nov 15, 2007, 02:11 PM

Yes, you merely file taxes on the regular forms you have used all these years to file your income taxes. If your income is going to be large, you will need to do some quarterly estimated filing.
Just like people are going to hire you to do their expert computer issues, hire an accountant or CPA to go over your tax liablity.