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Hello ladies,

Is anyone here familiar with taxes in the states? I am getting different answers from people. I realize now I should have asked the experts first! I set up my business but have not conducted any business yet. Do I need to do anything end of year? Thanks a lot!

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Hi Catrina,

 

Your tax situation depends on how you set up your business, i.e., S-Corp, LLC, Sole Proprietorship, etc. In order to answer your question, I'd need to know how you set it up, and really the best answer is going to come from a CPA (Certified Public Account). If you haven't conducted any business yet, you should consult a professional ASAP.

 

In any event, since you're just starting your business, be sure to calculate any start-up costs that you may have incurred this year for tax purposes. There are many tax benefits available to you as virtual assistant working out of your home. Again, you'll need to consult an accountant who can give you advice based on your specific situation and the set up of your business.

 

BTW - If you have any cash left, you might want to consider purchasing equipment, software, furnishings, office supplies, etc. before the end of the year (Dec. 31) so you can claim these expenses on your 2004 taxes.

 

If you'd like more information about business set-up, check out My Corporation.com and The Wallstreet Journal's Startup Web site. These are just a couple of sites with good information.

 

Good luck!

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