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If you own a small business and pay your taxes?



at the end of the year....could you still get money back???? i have all my reciepts and gas mileage and maintenence .....would it just equal out or will i get some income ????? and if i owe money would they take it out of my husband return or let me pay it off by myself?

You should definitly consult an accountant to answer these questions.
A bookeeper should be taking care of this!
If you are paying in estimated taxes during the year and it exceeds the amount that you owe at year end, you will be able to get a refund. If you and your husband file a joint return and owe money, then if you were entitled to a refund, the government would keep it.
If you have a loss,that can be used to offset other income on your tax return. Whether or not you get a tax refund will depend if you have any income tax withholdings or estimated tax payments. If you file jointly, you both will be responsible for any tax due.
www.irs.gov
Are you filing jointly? If you do your business itemizing properly, you may have money coming back. If you owe, and are filing jointly, then then could reduce your return proportionately.
You really should know this stuff if you're in business for yourself. What did your account and/or attorney tell you. What..you don't have an accountant or attorney? No small wonder why most small businesses fail in the first or second year!!
You should have a tax id number for your business that is separate from that of you or your husband.

Otherwise, it is just considered part of your income and you should be including that when you file your taxes. It depends on your total expenses how much you could potentially get in a return or owe. Have you paid taxes on your business income? If not, you probably owe the gov. some money.
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