We have not done anything with paying taxes yet
So you haven't paid quarterly taxes as required? You can get a "pardon" for that, if 2021 is in fact, your first year of doing business. But with $70K of business income you "NEED" to seek professional help yesterday, if not sooner.
1. What are some of the best items i should be looking at to reduce my taxes?
Two things jump out to me right away.
- This is your first time dealing with business taxes.
- You have not worked through the program to see how it works, and what it asks for as it relates to business deductions.
If you will work through the program the way it is designed and intended to be used, You'll be asked for almost every possible business deduction you can take. I say "almost" because no program can cover every single itty-bitty possibility.
2. We purchased to dirt bike to powder coat and display at events. are these considered right offs? how do i go about adding them in the return?
No, It would be considered a business asset.
3. is there any helpfull videos for me to watch i have reviewed many youtube videos just curious if someone may know one that hits all the spots
The best thing you can do in your first year dealing with this stuff, is to seek professional help. Especially if your state taxes personal income. You want a tax pro with the "heart of a teacher" who is willing to share with you, the knowledge you need. You will be paying them for that after all.
Then, after that first year, if you feel comfortable with tackling it yourself, my all means have at it.
I also highly recommend that in your first year of dealing with this (be it 2021 taxes or 2022 taxes) that you use the CD version of the program that you physically install on your computer. It's significantly more user friendly than the on-line version for a first timer, and a whole lot easier to fix errors or even "start over", as I'm confident you'll need to do several times in the learning process.
