New buisness owner, needs help

I opened my small contractor buisness in 2007. I have a tax ID and even registerd my buisness name in PA. I was being sub contracted from my old boss to do work from June, 1 2007 to October, 1 2007. This would be my first year diong my buisness taxes, but have not sent any money to the IRS. ( I did not know my old boss was not taking taxes out of the money he was giving me ) My buisness is going so slow being my first year and all, that In all, I probbley grossed around/ $ 5,600.00 and have the 10-99 from my old boss to prove it. I have spent alot of that money in my buisness, ie, advertising, work tools, and supplies. and have the receipt to prove that also. NOW... how do I go about turnning all that into Wright Offs, Because I was under the impression that I would get all that back?

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Submitted 343 days ago...

primetime001

Expert (962)

You are entitled to a lot of deductions. I would advise you to hire an accountant to do your taxes for you. For small businesses, accountants will save you more money in taxes than what they charge you. You should be able to find a CPS to do your taxes for under $300.

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