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3 Replies Last post: Apr 28, 2008 4:20 PM by nytaxguy

Do I need to pay taxes?

Feb 3, 2008 1:01 PM

RongDesign 54 posts since
Jan 28, 2008

Hello,

I opened a business in 2007, around March is when I got my name registered and got my EIN. I was doing this in preparation to launch January 2008. In 2007 I only $550 under my business name but I have spent thousands of dollars getting ready for 2008's launch. Will I have to file taxes as a company, other then saying that I have an un-reportable profit?

Appreciate the help!

Thank you,

Dave Moore @

RongDesign.com

Tags: home_based, taxes, business Report as inappropriate

LUCKIEST 7,938 posts since
Aug 6, 2007

1. Re: Do I need to pay taxes? Feb 3, 2008 3:57 PM

Do you need to pay taxes?? Pay taxes MAYBE, File Taxes DEFINATELY.
If you opened a business in 2007, and have an EIN you should be filing some sort of tax
return for 2007. There is a difference between FILING and PAYING TAXES.
If you LOST money in 2007 and file your tax return, you can carry over the loss to future
years like 2008 and 2009, when hopefully you will make a profit.
When you registered and got your EIN, what type pf Business Structure did you choose??
Do you have an Accountant??
LUCKIEST

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RongDesign 54 posts since
Jan 28, 2008

2. Re: Do I need to pay taxes? Feb 3, 2008 4:22 PM

in response to: LUCKIEST

I do not have an accountant, but I have some one in mind.
I file quarterly for my taxes so I think I should be good.
I don't think I will have to pay anything.
My company is set up so I am the sole owner but some day can take on employees.

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nytaxguy 15 posts since
Apr 28, 2008

3. Re: Do I need to pay taxes? Apr 28, 2008 4:20 PM

If you received money in 2007 for services rendered or goods sold, then you started business in 2007. You should report any revenue received and expenses paid in 2007. If you have losses they may help more than you think for 2007 against any other income you might have had. If you already filed you can file amended returns and get it right. You could actually have refunds coming by doing it right for 2007.

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Do I need to pay taxes?

Feb 3, 2008 1:01 PM

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