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newlife
Forums Member
Joined: 12 Jan 2011
Posts: 1
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#1 · Posted: 12 Jan 2011 04:04
I want to start a small business from my home. How do I learn about what paperwork I need and what records I have to keep for tax purposes?
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Jose Roman
Forums Member
Joined: 20 Feb 2011
Posts: 51
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#2 · Posted: 18 Mar 2011 13:27
newlife
What kind of business will it be?
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weebitty
Forums Member
Joined: 8 Mar 2010
Posts: 312
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#3 · Posted: 19 Mar 2011 10:46
Newlife, Anything to do with your business, like internet connection, office supplies, ink, your space in your home has to be dedicated to your business only if you deduct that. Save all receipts in having to do with your business. Advertising, business cards, if you old meetings the refreshments you serve. If you go to dinner with a client or prospective client. I would call the IRS or decide if you want a tax consultant or not and they can help you as well. these are just some things I am sure some others have other tips as well. Hope this helped you some.
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talfighel
Joined: 17 Mar 2007
Posts: 1175
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#4 · Posted: 19 Mar 2011 13:28
I think that you should go to your accountant or even consult with a lawyer to see what you need specifically.
It is better to be safe then sorry.
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katereber
Forums Member
Joined: 20 Apr 2011
Posts: 194
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#5 · Posted: 30 Apr 2011 07:18
talfighel: I think that you should go to your accountant or even consult with a lawyer to see what you need specifically. It is better to be safe then sorry.
Good advice tal.. 
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