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I started a business last year and I also served tables, How do I file my taxes?


Last year I registered my DBA and obtained and EIN, I spent quite a bit of money on equipment, a website, business cards, etc, but haven't made any money, So I have been waiting tables, I'm worried about filing my taxes because most servers end up in the red on their taxes. Is this something I should worry about? Am I going to loose the money I've spent on start up costs for my business? I also have my office in the apartment I rent, If that matters, I'm also a Sole Prop with no employees...someone please help me out with this one I'm stressing

Get a good accountant. Most of the money you spent on business startup will be tax deductable and an accountant will know how to do it. Accountants cost money, but they make up for it by getting you bigger refunds.

You'll need a schedule C, a schedule SE, and a form 1040. But what you really need is a CPA or enrolled agent - not someone from H&R Block or somewhere like that. The CPA or enrolled agent can advise you on what records to keep, what you can deduct, and get your return filled out. The money you pay them is likely to be more than worth it.

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