Tax questions so on...

[cnl83]

Im a web designer from Louisiana. I started my company about 4 months ago. Im not exactly sure what to do about taxes and all that good stuff. Im about to get a sales person on, and need to figure out how to do good payroll, and taxes. My goal is to start a company that provides good service, and good jobs. Im a very very small operation, and am looking to grow of course. I have big dreams for my company, and lable myself a visionary. I will list my questions in an orderly fashion, and would appreciate your response.

1) I have not yet paid my taxes for the work I have done. The only thing that I am doing is keeping track of the amount of money that comes in. My plan is to go to the Jackson Hewlitt at the end of the year, and say here is what I made, and what do I do. What should I do, and how to go about doing it?

2) I am training a sales person at this time to sell CD Business cards. I have quickbooks, but not registered for the online program, to get the updates on taxes and all that good stuff. When I go to pay him what we agreed to, how do I deduct taxes so on, and so forth? If quickbooks figures out what needs to be deducted and where, then do I have to pay taxes to someone or something? Im missing the boat on this issue.


I would appreciate all your input on these things.

[peterjhale]

Hi and welcome to the forum

It sounds as though you are right on track.

You might want to think about getting an accountant though as there may be some expenses you can deduct from your sales to reduce your tax.

In the UK we produce the standard P&Ls for the tax man and then pay standard company tax on those profits. So before you go to your tax man just ensure your P&L is in good order.

On number 2, if the US works the same as the UK, the tax deducted from your employee needs to be paid to the government pronto - ours is the following month. There are special payslips we have to enclose so you'll probably want to contact your local tax office and get the relevant paperwork

Peter