ForumsManaging Employees and HR

Why would you want to add your apartment (rent) to your business tax return?
With or without the business you have to pay those expenses.
You cannot claim a personal expense as a business expense.

Thanks for your replies.

I've the EIN for my business and already opened business checking account.
could you please send me some URL which explain me what all the taxes i need to file.
if I earn less than $100000/- per year approximately how much tax I will have to pay?

If you're asking for estimates to plan with rather than professional accounting advice:

Filing your federal taxes as a LL corporation (as opposed to having elected to file as a partnership) your estimated tax rate is 15 percent if your taxable profit is less than $50K, 25 percent if your taxable profit is $50K to $75K, and 34 percent if it's $75K to $100K.

You'll file a federal tax return annually, but if your total tax would exceed $500, you must make estimated tax payments each quarter.

New Jersey has a state income tax on corporations -- I've never done business there, so I don't know anything about rates or rules. Try visiting http://www.state.nj.us/treasury/taxation/ for guidance.

Hope this helps.

shin001 - Was that the info you were looking for?

Good man, glad to see you are going to consult at tax advisor.

shin001,

I am in the same position as you, a computer services LLC with 1 member...myself. I've filed my own taxes for 2 years...without a tax consultant. Be careful of them, sometimes their recommendations are not always accurate. Sorry guys. Make sure you pick one that works with your type/size of business.

As for getting refunded some of your expenses, here is how it works. Your "Office Space" must be used only for business. If your office is also your bedroom, or living room, you cannot claim it. If it's a dedicated room, measure the square feet of the entire apartment, then of your office. If the office is 10% the size of your apartment, then you can claim 10% of your rent on your taxes. Same with utilities.

For your car, write down all of your mileage you drive for work. I keep a log in an excel spreadsheet of the mileage for each day which includes where I drove to and why, i.e. ticket number. You will also want to record the mileage on your vehicle at the beginning and end of the year. When your doing your taxes, which I use Home/Business TurboTax, it asks how many mile total you drove your car, and how many for business.

Lighthouse is right on the quartyerly taxes. I have 3 seperate bank accounts open. One is a savings account which I put 1/3rd of all my earnings into, before paying expenses. At the end of each quarter, I pay my estimated taxes with the money in that account. The leftover money... call it retirement!

The IRS has a great workshop DVD for businesses our size. It's called "A Virtual Small Business Tax Workshop DVD". They will mail it to you for free and I highly recommend it. To get it, go to http://www.irs.gov, select Small Business, then click Online Learning and Education Products.

As for someone doing your taxes, that's totally up to you. I prefer TurboTax Business. It's quick, simple and will walk you through all the steps.

No. It's the IRS financial quarters. The due dates are:

• April 15
• June 15
• September 15
• January 15

If you missed some this year, it's ok. Just remember to put money away for your taxes and start filing your Quarterlys from this point forward.

For aditional help and reminders, you can also try http://estimatedtaxes.intuit.com

Best of luck