Starting a business, important tax question...
lets say that i want to start a tshirt business for this example.
I spend $100,000 in Jan 2006 to start the business.
i then make sales of $60,000 during the rest of 2006, so I am still $40,000 in the hole. What taxes do I have to pay for 2006?
After making $60,000 in 2006, I make $50,000 in 2007. What taxes do I have to pay in 2007?
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