Soo, I hired an accountant. he spent an hour with me explaing what needs to be done in the state of Florida for my Limited Liability Corporation. i will be taxed as a Sole proprietorship. I have my EIN, and am filing online for my Sales Tax Exemption Certificate and that is all I need.
I will have an online retail business selling logo`d tshirts and other apparel items. By Christmas of 2007, I will also sell/manufacture an outdoor water resistant blanket. I source the fabric, notions etc. the sewing contractor produces, I ship it.
I am keeping every single receipt, for shipping prototypes to the sewing contractor etc. along with my fabric purchases, notions etc.
I am also hiring a web designer and programmer. I will be using Quickbooks Pro for bookkeeping and inventory control.
I am scrimping on buying my inventory for apparel products, and my imported beach jewelry. Should I be? If i cut cost right now, is it worth it when tax season rolls around. He explained how I won`t make any money the 1st year and that is a good thing? Really? Maybe I am trying to understand something that requires a college degree, Thank God for accountants.