Business Start Up and Tax Questions

[Walking with Prince Jesus]

It is now July 2008, I will be a Licensed Massage Therapist in September. I plan to officially open my business in January of 2009. Here are my questions:

If I start buying my office supplies and massage supplies now, July 2008, can I deduct the expenses from my first quarter 2009 business tax?

Should I wait until January 2009 to buy all my supplies in order to get the cost deducted?

Can I wait until 2009 to deduct my massage table that I just bought today (July 2008)?

Does anyone have any advice on this topic? Perhaps a link to a good info site for starting a massage business?

 

[dadada]

Aside from getting a reliable and aware accountant, the one thing I would definitely suggest is make sure you do the quarterly tax payments (based on your income). I didn't do that much to a very painful and expensive payment at the end of my first year! A very big ouch!

 

[J.SWAMY I]

Gaspen... thanks for the tip. I do plan to file my taxes quarterly.

I'll also get professional advice from an accountant.

Should I pay an accountant to do my taxes for me or should I attempt to do it all myself?

 

[nonyaaa]

Should I pay an accountant to do my taxes for me or should I attempt to do it all myself?

I pay the accountant and it is very much worth it. She knows so much more about deductions than I do that I get back far more than I spend having it professionally done - and the service is a tax deduction for the following year.

 

[Erica Ewen]

I have an accountant do my personal and business taxes. This is my first year in business and I am actually meeting with my accountant next week to have him get me on the right track for keeping track of everything and making it as easy as possible for him to get all my info when tax time rolls around. My only suggestion is when looking for an accountant to talk to - talk to friends, family anyone and get a referral I ahve some friends that have just went to the first person they found and it hasn't turned out the greatest. Build a good relationship I guess. Good luck!