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?
I use a tax accountant. Worth every penny. Tax paperwork makes my head head explode. I prepare everything and give him a 1 page spreadsheet of my income and expenses. Put it together in an envelope of paperwork and drop it off. I go in sign, and write a check and done. It’s easier since he also handles my payroll, so he already has all that stuff. I have more problems with the hoops they make you jump through than writing the checks