This section of the forum is for discussing the business and finance issues of the t-shirt industry. Which business structure to use (sole proprietor, LLC, S Corp, etc), how to handle billing, where to register your business and get the proper licensing, etc.
I normally do my own taxes online with H&R block and file them myself electronically... but this year I have to report my income from my business and include all the deductions...
This year is going to be a nightmare for us for taxes. We are netting a loss (equipment + supplies + consumables + merchandise -- against almost no profit), but Mark also has other things to contend with on his taxes.
Do you suggest that maybe we go to H&R Block or anything like that?
I'm just afraid we're going to really mess things up and the IRS will come after us. We have all receipts, etc.
My mom may be willing to assist us, but I'm still afraid we'll really mess this up.
Yeah, I think we might go that way. We'll see if my mom can point things out to us first, and see how that goes, but we're both starting to feel like we'll be more comfortable if we have a professional do it.
Any tax preparer will talk to the IRS when they come knocking. We use a CPA because that is his profession. The Blockheads are just transients and part timers that do monkey work and put the information into a tax program like turbo tax.
I stand by my recommendation. CPA's are not that expensive.
We used HR Block for personal for 3 years and when I went to Turbo tax, our returns nearly doubled. I've done TT for a few years, time consuming but once you get through the first year, you know what to organize during the year for the next time.
Lou (Badalou) uses Turbo Tax for his business. I may or may not use it. Depends on how overwhelmed I will feel. I got a few prices from accountants and they were about $350. Not bad to get a real accoutant over the part timers looking for extra income like at HR.
I was wondering, are accoutant fees are also deductable?
Also, as a sole proprietor, should I be worrying about a loss, that passes through to my personal taxes and doesn't that reduce my tax there if I have a loss?
First year for me, too, so I have tons of questions as well.
First time doing taxes 
