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?
All the above advice of getting a bookkeeper is good advice. I am just chiming in here to say, you will not go to jail over this as long as you take care of it. Even if you did owe a lot of back taxes (which I am sure you do not as you just got started), the IRS will help you set up a payment plan based on the amount of income your business has. It is of course better to pay it off as soon as possible because they do charge interest, so if you are only making the minimum payments, it cantake forever and end up being more expensive.