[pboychuk]

My businesses as structured under a single LLC basically so I only have to file taxes once. I dont have an accountant. I am a single owner, and follow the tax code of a sole proprietor, as suggested by an accountant. Basically what I was wondering is if I am digging my grave. Last year I transferred all liquid assets into inventory, thus resulting in my business basically breaking even. Now I know that inventory amount will be deducted from my ending inventory of this year. Thus resulting in some profit. However, based on how I run my businesses I basically see myself doing this for another year or so.

First off, am i required to practice some type of matching prinicpal, or is that only for a corporation.
Really im looking for suggestions. I dont want my profits to catch up with my expenses some day and find myself in big trouble.
I would like to invest profits into another business, will this shelter me from having to pay taxes on that income?

*think i need to pick up a book, any suggestions?

[nateharward]

I know sometimes the state has free LLC workshops. Also there's a website with video workshops. It's iLearningGlobal