When do I pay or file taxes? I took over a tiny neighborhood convenience store past September 1st. It's our first business. Store sells groceries, beer, lottery and sodas. I want to do my taxes on my own. When do I need to pay or file my taxes? How many times a year? Which form do I use? I have no employees as me and my wife works 14 hours/day, 7 days a week. The store is in Los angeles county, California. Thanks alot in advance
Didn't we already advise you to hire an accountant last summer?
Your sales taxes may be due to California soon, so I suggest that you hire an accountant quickly to do your taxes and ask him or her to show you what needs to be done. Did you program your cash register to ring up and record the sales taxes?
Have you been logging your sales and expenses every day? An accountant could show you what you could deduct as expenses from your income taxes. Keep track of your miles traveled to conduct business (commuting expenses are not deductible).
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Sales tax returns are generally due each month - so if you haven't been filing those, prepare to go broke with that bill.
If you are a sole-proprietor (un-incorporated), then file a Schedule C to report the revenues and expenses of the business..
You do that now (due April 15th) and it gets filed with your regular tax return (Form 1040).
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