View Full Version : Need help with taxes

01-27-2014, 04:55 PM
Small pressurewashing business we are an llc. And we Just finished our first year, only $5000 went through the bank, deposits,withdrawals. We have about $3000 I'n deductions. We are located I'n tn whT do I have to pay and what's the deal with"gains and loses" thanks I'n advance

01-31-2014, 06:25 PM
This is similar to your other thread right? What you say about $5,000 being your deposits, withdrawals is very confusing. Is $5,000 your net cash balance and not your revenue? Does the $5,000 include loans you acquired and is that balance net of the cost of the equipment that you have purchased? If so, you should separate the cash you have received as a result of sales and cash you have incurred as expenses and you have to compute depreciation in order to compute gains or losses.

02-01-2014, 01:44 AM
The total gross income that you have is the taxable income depending on the tax rate on your country or state. You should deduct your taxes for your gross income and you will come out with a net income wherein the taxes have already been deducted. In order for you to make sure there are no other taxes or deductibles you should refer to the law which is prevalent in your town or city.