Small Busines

Forum|Forum|3 years ago
November 16, 2022
1 reply
2 views

I'm a new sole proprietor for my small business (6 mos). No employees, and my service is doing commercial flooring estimates to determine how much material my clients need for their projects. I use a software program to get reports to my clients, and I work from my home. I've done my W-2 taxes with you over the last 4+ years, but now am considering using you guys to do my first Self Employed taxes. I'll either do them with your help, or just have you do them. Eventually, after I figure it out, I can do it by myself. Can someone contact me to let me know how to proceed?

Mycharo1

Level 4

Congratulations on being a new business owner!

Turbotax is a great option for you. You can choose to prepare the return yourself using TurbotaxLive assistance. If you feel you need more help, or prefer to have Turbotax prepare it for you, all you have to to is request that.

In preparation for doing your first Self-Employed tax return you will want to be sure you keep records of all income and expenses associated with the business. Although you are working from home, you may have vehicle mileage for visiting locations to take measurements, etc. Be sure you keep a careful log of your business mileage for expense purposes. Other expenses directly related to the business might be computer usage, office supplies, software, advertising, business cards, website, etc. Keeping careful records will make it much easier when it is time to prepare that tax return.