sabbry
12-01-2009, 01:35 AM
Hello all,
A graphic designer -- met through a friend -- and I run a creative consultancy S-corp. We share ownership and our consultant responsibilities are in addition to our full time jobs.
It has been a slow year, and honestly we haven't had the time to devote 40 hours a week to consulting.
We took in about $14,000.
Of that:
-$3,100 went to us. The business acquired hardware and software from us that we each personally brought to the table before formation. These payments are not dividends or earnings.
-$8,000 went to office supplies (hardware/software), insurance, meals for client meetings, fuel, and other generic, but necessary, expenses.
-And the rest is being retained for reinvestment and planning.
I'm using QuickBooks Pro 2009 and I'll be using TurboTax 2009 to file federal and state. Before I file, I'll enlist the services of an accountant and close friend who promised to help us out in our first year.
I understand I didn't provide the full picture, but I just wanted to ask you guys for things I should be reading and things I should be anticipating (social security, medicare, etc.)
Based on what I provided, does anything stick out?
Thank you so much for continuing to answer my questions.
Regards,
Sean
A graphic designer -- met through a friend -- and I run a creative consultancy S-corp. We share ownership and our consultant responsibilities are in addition to our full time jobs.
It has been a slow year, and honestly we haven't had the time to devote 40 hours a week to consulting.
We took in about $14,000.
Of that:
-$3,100 went to us. The business acquired hardware and software from us that we each personally brought to the table before formation. These payments are not dividends or earnings.
-$8,000 went to office supplies (hardware/software), insurance, meals for client meetings, fuel, and other generic, but necessary, expenses.
-And the rest is being retained for reinvestment and planning.
I'm using QuickBooks Pro 2009 and I'll be using TurboTax 2009 to file federal and state. Before I file, I'll enlist the services of an accountant and close friend who promised to help us out in our first year.
I understand I didn't provide the full picture, but I just wanted to ask you guys for things I should be reading and things I should be anticipating (social security, medicare, etc.)
Based on what I provided, does anything stick out?
Thank you so much for continuing to answer my questions.
Regards,
Sean