Was 2007 your first year in business? If so, you're now facing the daunting task of filing your first business tax return. If you've been an employee all your life, without complex deductions, well, you may be in for a bit of a shock. Instead of one line for your salary, you now have at least 2 or 3 additional forms to fill out with details about your business income and expenses.
Before you start filling out your paperwork, check out these tips for filing your first business tax return.
Also, if you don't already have one, now would be a good time to hire a good accountant. In addition to your returns, they can also help you prepare your year-end financial statements, if you haven't already done so. More than just a snapshot of your business, financial statements are a valuable management tool.