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This will be our first year filing tax. I help my husband out with his auto glass business. Beside gas, tools, supply, advertisement. What else can you deduct.?
Get a CPA or at least an agent that is familiar with business deductions. There are many benefits to self-employment since one can have numerous deductions but the tax liabilities such as the famous "self-employemnt" tax can wake you up as well. Pay somebody the first year to give you an education. Also if you bought equipment you will want to amortize it over a certain number of years. A CPA can determine what is best for you. Also you can income average if your income was either substantially more or less in your start-up year. Either way it will help you.
Like in installation, get an expert. This is no area for amateurs
Absolutely get a pro to do your taxes. My partner and I paid $75 a piece. Worth it. This was our first year also. You might want to go with mileage rather than gas. The only thing my company owns is a trailer. The more you own the more you get hit for. All tools belong to me.
you need to either incorporate or form a LLC, get an accountant you can communicate with easily. That is almost more important than having the keys to the front door.
Even if the business is still small, I highly advise hiring an accountant.
An accountant will not only help you write off all the right line items, but will know how to deduct your depreciation, interest expenses, and can advise you on how to better operate things for max deductions next year.... plus, their fee will be deductible.
I am guessing you are a Sole Proprietor, If so Taxes are easy. You do not need a fancy high dollar CPA, But You should get you an accountant. I deduct every thing you can. There are so many loop holes it aint funny. I could go on and on about deductions you can get. If money is an issue at least go to one of the big national tax companies, They know more than you do.
It shouldn't be hard to find a low cost accounting firm. I would definiltey look for someone with small business experience.
Someone without experience in small business tends to be more of a rule jockey...you want someone who will help you keep as much of your money as possible.