Posted by Mike on April 03, 2002 at 11:14:07:
You need to see a good tax guy. There is now way you should be paying 45% taxes of of your profits. There are tons of loopholes and deductions you can take and you won’t have to pay near that amount. The specifics I am talking about are way to lengthy to go into here. However do not let it hold you back from getting started in this business. You will find that paying taxes on a $0 profit is easy so you might as well just get started and as you get going find the right tax person for you.