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As I'm doing my research for starting a business for the first time I'm getting a little concerned about how to prepare my 2006 taxes next year. Getting an EIN, a resellers ID, a business checking account, etc. is easy enough but I want to make sure I do my taxes correctly.

Up till this point I have always done my own taxes without the help of software. I have no problem with using software to do them but have never needed it. The use tax and sales tax is what's really intimidating me. What information will I need to do my taxes correctly? If I was to get a TurboTax or something like that would that step me through everything for my state (CA) and federal taxes pretty easily?

Even though this is a small, one-man, startup operation I want to run it precisely and professionally. I want to keep good books and prepare accurate taxes. Can someone recommend some books or websites that would be useful to get a handle on everything?

Yikes.
 

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Good Morning,

Well I am in Canada, and our taxes are of course different. I use Quickbooks Pro (multi currency) and it does it all for me. At tax time I buy quicktax, quickbooks transfers all my tax info over automaticly and I am set.

The trick is to make sure you have quickbooks set up correctly. I would assume it would work well for you to.

The best piece of advise I got when I started my business (back in 1997) was KEEP GOOD RECORDS! If you make a mistake (and it will happen) you can follow the paper trail back and find it.

Hope this helps.
 

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ph0yce said:
Up till this point I have always done my own taxes without the help of software. I have no problem with using software to do them but have never needed it. The use tax and sales tax is what's really intimidating me. What information will I need to do my taxes correctly? If I was to get a TurboTax or something like that would that step me through everything for my state (CA) and federal taxes pretty easily?
You mostly just need sales figures of CA and non-CA sales to do your sales and use taxes.

It's not too complicated. The forms they provide break it down pretty easily.
 
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