Does my business owe taxes?

[readytocover]

Delete please.

[JCH]

quick answer. maybe. not necessarily. yes.

[BOB W]

Dec is a very bad month to open an S corporation because most S Corps' year ends on 12/31....thus a corporate tax return needs to be filed by 3/15. NC has a minimum franchise fee that will need to be paid, I think it is $35.

Go to an EA as soon as possible as time is running out. Penalties for Fed and State will be assessed if you don't do something this week.

[Nashville]

Disaster

Readytocover? You'd best be ready to cover everything that's going to hit the fan.

Go find an EA or CPA before it's too late. "Box" has convinced you with a TV ad that all you have to do is buy "box" and you will be as capable as an experienced preparer to handle your own needs.

We can read from your posts that you are in absolutely no knowledgeable position to be filing a sub S corp return. For example, since you incorporated in VA, the Secretary of State already knows you are incorporated and has turned your company over to the Commissioner of Revenue so they can follow up and make sure you file a 12/31/07 Virginia corporate return. You also must capitalize start-up costs, and you will not encounter one word of this with "box." Read the small print on their guarantee - it applies to calculations only, not to lack of knowledge. TurboTax will not be the cause of your problems, it just won't be a solution either.

It's not often I get downright testy with people who visit this message board -- it sets a negative tone that is not particularly helpful. But you are headed for trouble, and won't listen when professionals are trying to help. Listen carefully, because I don't think any other tax professionals on this forum will waste the time I have in advising you.

[veritas]

Classic

Start a business, form an entity (maybe) then wait to the last minute and ask for free advice.

When you get the advice you ignore it and go off again and do major transactions (borrow money).

Once you have done everything by the seat of your pants you then seek proffessional advice.

Best of luck with your business.

[oceanlovin'ea]

Do it first

I agree with other posters. You need to consult an EA, enrolled agent (person licensed to practice before the IRS), before you do all the other things.
For example, have you applied for s corporation status? Are you keeping business and personal money separate? Oh, there are a ton of other things that a qualified EA or CPA can help you through the process.

We can't undo what you have done after you have done it and it ends up costing you in terms of money and time and energy in the long run.

Make your appointment first. NOW!

Linda F