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View Full Version : New business - How to do taxes (Ohio)



Charcoal
12-04-2019, 08:31 AM
Hello - I started a company about three months ago. I have made zero profit so far. I am in startup mode buying advertisement items, equipment, etc. At this point, I've spent about $1500. I am buying a truck for $37,000 next week. Can someone tell me how I should file taxes? Do I just the expenses and the cost of the truck on a Schedule C and include it with my personal taxes? All the funds I've spent and truck cost are coming from a loan I got to start the business.
I am new to all of this, so please excuse my ignorance.

Fulcrum
12-04-2019, 04:55 PM
Get yourself a good business accountant. They will save you more money in the long run than they cost.

Lewis-H
12-12-2019, 10:55 AM
Step 1: Collect income information. Gather as much information as you can about your income for the years you need to file.
Step 2: Determine deductions to reduce taxable income. Reduce your tax bill with deductions.
Step 3: Obtain proper tax forms.
Step 4: Complete tax forms.
Step 5 : Mail or e-file your tax return.

Regards,
Lewis