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    PLEASE HELP. need advice with my taxes
    Thanks for your help I'n advance, ok so we are a first year small business we didn't do a good job of taking care of our tax records due to the fact that we really didn't know what we were doing
    Basic over view of it is we had about $5500 go I'n and out the bankover the year and about $3500 of that was used to purchase equipment, supplies,gas etc. So my real question is how much will be taxed and what's the deal with "gains and losses" aslo we are an LLC. any input is appreciated


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    Let me try to clarify a few things first. The $5,500 that you are saying, is this the net income or the total cash inflow that your business has received from customers? Also, the $3,500 represents the cash outflows that your business used up during operations right?

    Well, first, you have to get your expenses right. Try to compute for the depreciation of the equipment, compute how much is the cost of the inventory that you have sold, how much is the salary expense, etc. Then you should deduct that from the total revenue of $5,500 (assuming that it's the total revenue). The difference would be the taxable amount.


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    Quote Originally Posted by Topnotch View Post
    Thanks for your help I'n advance, ok so we are a first year small business we didn't do a good job of taking care of our tax records due to the fact that we really didn't know what we were doing
    Basic over view of it is we had about $5500 go I'n and out the bankover the year and about $3500 of that was used to purchase equipment, supplies,gas etc. So my real question is how much will be taxed and what's the deal with "gains and losses" aslo we are an LLC. any input is appreciated
    It shouldn't be too high. First, I would hire a tax specialist. That would help you deal with the fine points of taxes.


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    It depends if $5500 is your net or gross profit. You will be taxed on your net profits, but you are allowed to deduct equipment for the business. I would definitely either hire a tax professional or use tax preparation software for more help about those deductions.


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    it might seem like a rip off but hire a guy to do your taxes if you are not familiar with the whole taxation process. It saved me around 800$ dollars in total that i had missed out on before after paying him. use your brain do what you feel is right


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    is the $5,500 that you've earned after tax or before tax? One thing though, I would contact an accountant because it's better to send to the accountant since you are not sure about the whole tax filing, and I think it's a better idea to have someone to do the tax for you because you have the business. You never know what will happen in the future, especially when the IRS wants to audit just because they feel like it. Give your information to the accountant and ask them about this situation, which it would be the best way to go.


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    You are going to be fine, but you need an accountant very badly. Our advice so far has been based on a very limited understanding of your business needs, and an accountant will inexpensively scour through your records to make sure you are reporting taxes correctly. That is their job, and no amount of speculation from us can rival it. You will be 100% happy that you called practically any accountant in the phone book over listening to our advice at this stage, because we have no grasp of the specifics.


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    I agree with those who mentioned to get connected with a tax professional or accountant. You really don't want to file your tax haphazardly, especially if this is for your business. Since your are an LLC, you have till April 15th to file your taxes so you still got time. Are you a single-member or mutiple-member LLC? Depending on your member status, your filing status will be different. Anyways, good luck!


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    Same here! Completely agree with the fact that you should contact a tax specialist or an accountant!


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    When you doing a business you should be aware of the latest Canadian tax laws. Consult a tax consulting agency like KPMG, who can help you out in sorting an issues related to tax.


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