Tax Questions for Small Biz


1. Is there a limit on the amount of deductions you can claim on filing taxes for a small biz?

2. Can you count student loans as deductions? If so I can rig it so I won't have any reported income.

3. I opened in March this year and have yet to pay any taxes. Should I file now or wait till April? I've grossed about 50K but have netted about 25K after expenses, rent, insurance, etc.

Help me out. Thanks.

Hey thanks joe.

I'm definately going to be creative here. I've been using my business debit card for anything I could claim as a business deduction. Furniture, books, eating out, clothes, etc. I've been buying personal stuff with the business account a lot.

Ken,

Hey what's up?

You have to pay taxes this year. You have to file a tax return every year. You will not be penalized for not paying your taxes quarterly because this is your first year with your own business.

You can deduct the interest for your student loans if you did not make more than a certain amount. I cannot remember the exact amount but it is somewhere around $30-35,000. Shoot me an email or give me a call.

Marcus

quicktap@yahoo.com