Hi! I have been starting a small business (microgreens, aka sprout cousins if that helps) It has been so much fun and I’ve learned a lot, but I obviously know very little about business.
I know kind of what taxes are, but have NO idea how to do them. My state doesn’t have sales tax which is all I know. I’ve been keeping okay track of everything I am buying and making.
But is anyone willing to make a step by step on how to do taxes? I COMPLETELY understand if not, because I know how much that would be. I tried looking on the Small business government website and a few other places but there is just so much jargon that I don’t understand (it’s above my reading level AND I don’t know lots of jargon)
I also have gotten an LLC and business license but am just stuck from there. I’m worried i’m going to do something wrong and will end up in jail, or owe a BUNCH of money. What if I’m missing something else big?
Is there a SCORE / SBA office near you? They may be able to help explain stuff and then get you hooked up with a bookkeeper. That’ll keep you out of trouble and help you understand a bit why the bookkeeper is helpful.
‘Get you hooked up with a bookkeeper’?
Thanks for pointing that out: I could have been more clear!
The Small Biz Association has a mentor program called SCORE and they often can help find other local small businesses to connect with, such as a bookkeeper. Their main function is mentorship, guidance, and education on various aspects of small business ownership, such as understanding the basics of accounting and business taxes.
Ah, for a moment I thought you were under the impression that they will recommend or otherwise put someone in touch with a bookkeeper. SBA is a great resource and many people are not aware of the mentoring opportunity. This is probably a good place for OP to start.