First Year Business Owner - How To Taxes

ExploreFY · ‎February 03, 2018

I opened shop in February 2017 and spent the year on clients rather than implementing systems. Didn't get QuickBooks until December. Have a random spreadsheet or two of Schedule C items. Have business expenses comingled between an operating account and my personal checking account. Sole Proprietor. What's the best way to capture as much of my deductions as possible? Are we talking print my monthly statements and go line by line here? I can't be the only one who backburnered the accounting in year 1. Tips appreciated!! Would prefer a DIY answer, rather than hire help. I have a CPA, but she wants me to do the heavy lifting.

EmilyCowan · ‎February 04, 2018

Hi @ExploreFY - welcome to QB Community and congrats on your one-year business anniversary! You are definitely not the only one to "backburner the accounting" as you got off the ground.

If you're into DIY, definitely check out our Learn & Support page. Lots of great info there including video tutorials.

Which version of Quickbooks are you using? @Sangeethmathew, any general tips for getting started here?

Sangeethmathew · ‎February 05, 2018

Hi @ExploreFY,

Welcome to the community.

Just like Emily said it would be very helpful if you could let us know the version and edition of the QuickBooks you are using.

Since you want to import items to your Quickbooks the following article will prove useful -

https://community.intuit.com/articles/1458771-import-or-export-list-data-in-quickbooks-online

As for maximising deductions to minimise your taxes as we do not know much about the nature of your business I can only suggest a few more articles like the ones below

https://www.irs.gov/credits-deductions-for-individuals

https://www.irs.gov/help/ita/deductions

https://www.irs.gov/taxtopics/tc500

I hope you find this helpful. Let us know if you need any other information. Out here we are only eager to supply that. :-)

EmilyCowan · ‎February 07, 2018

Hey @ExploreFY - just checking in on you. How's it going? Were @Sangeethmathew's links helpful?

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First Year Business Owner - How To Taxes