I do not know much about taxes and I don’t know what to claim as expenses, can I claim gas,advertising,supplies,cell phones,business phone,office supplies,milage, running erands in my own car, business vans &up keep,as you see I am completely lost. I really don’t think H&R is going to cut it, should I get a CPA or acountant?
A good CPA usually pays for themself. Just keep track of all of your expenses. I have business credit cards and personal credit cards and I adhere to using them religiously for either business or personal. It’s best to err on the side of safety, especially in your first years of business. Don’t be too liberal when deciding that going to the grocery store in the company van is an expense, it truthfully isn’t. Don’t forget, the formulas that the irs uses will tend to throw up some red flags if you have too many write offs. Best off hiring a CPA and or an attorney to describe and explain to you what is and what isn’t considered a valid write off. Remember, the services of a CPA are, so use one.