Some questions about taxes and my new small business...???
I`ve recently gone ahead and established an LLC for myself for online sales that I do. 2007 will be my first year of actually running like a business in which I`ll need to pay all necessary taxes and what-not.One thing that I immediately get confused about is how to handle filing everything at end of the year. What I mean is, as an employee, I simply get a W2 from my employer which tells me exactly what amounts to fill in all the boxes on my 1040. I`ve always used TurboTax for everything so it`s always been very simple.Now though, how will I get that W2 for my own small business so that I know what to fill in on my 1040? As that entirely up to me to keep accurate records so that I know exactly what I made for that, or am I required to have a CPA put that together for me?I use Microsoft Money Home & Business and I`ve got reports that return everything I need...I think. I`m just not sure if that`s acceptable when it comes to the IRS.Any information on this would be greatly appreciated. Thanks!
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