As others have said, it's definitely worth hiring an accounting service. Check out www.prometryx.com - we're tailored for small businesses. PM me if you want to chat about it!
Your business will be taxed based on its net income (aka profit). You should keep track of ALL deductible expenses, because it's important to know how much money your business lost this year. In future years, when you do make a positive profit, you can offset these losses against that profit so you don't have to pay as much tax on the profit.
As others have said, it's definitely worth hiring an accounting service. Check out www.prometryx.com - we're tailored for small businesses. PM me if you want to chat about it!
Your business will be taxed based on its net income (aka profit). You should keep track of ALL deductible expenses, because it's important to know how much money your business lost this year. In future years, when you do make a positive profit, you can offset these losses against that profit so you don't have to pay as much tax on the profit.