QUESTION 1: I hired a CPA my dad has used for years. It's just me and the wife and we run
www.braidsbybreslin.com, she does hair which is all cash money and we are also starting to sell DVD's. From the DVD's it's about 500-700$/month. My CPA said no biggie, just hold all your reciepts and we'll do a Schedule C on you and you'll be fine. Is it as easy as that?
QUESTION 2: If this year we have spent 6,000$ on our business but only made 3,000$, will I pay taxes on this, how does the 6,000$ come off?