Thank you very much! I was contemplating turbo tax full service. Still unsure. My only reason is I am very detail oriented and save electronic copies of my taxes since 2007 organized my year.
yes you hit the nail on the head. New LLC and everything, purchased assets. Paperwork is simple but was going to detail out what those assets were. I am the only sole member of the LLC and wanted to file my own taxes with a schedule C for the business.
I do a detailed P&L every month but in all honesty I am not a CPA and there are a few items on that P&L that I am not sure where they go.
e.g
1.) The payments I make to my 401k and the previous owner for the remaining balance that is owner financing. (Leave this off and just come up with a depreciation number at EOY or month by month?) These are bills that the business incurs so I would hope I don’t have to pay tax on “profits” that I really don’t have. All profits are going to payoff the financing ASAP.
2.) What the best method of depreciation would be? For instance I am working to pay off the 180k in 18mon. Any profit the business make I write a check to the previous owner or pay my 401k loan…leaving nothing left over in the bank beyond the initial deposit I put in for operating cash flow.
it would be a shame if I had to pay tax on all that money because it’s seen as profit becuase I want to be debt free ASAP and the previous owner doesn’t want to wait 5-7yrs for the rest of his money.
Beyond that I THINK (lol) I have everything under control
