Question by andychoi_chicago: Should I apply for a small business, and what is the best way to pay taxes?
Last summer I started a small business selling merchandise via online. Before all the expenses, I make around $ 10,000 a month. Maybe about 60% is my net profit.
I have not applied for small business account yet.
Not sure if I should do or not. And what would be the best way
to pay taxes. I am a single person with no kids…
I really appreciate your helpful comments.
Answer by isis_dreams2002
well when myself and my husband ran our own business we contacted a accountant to setup pay as you go for the taxes so you can pay monthly instalments but on 10,000 in income you have the amount right that you keep but i would advise to ring a tax person about it.
hope it helps
Add your own answer in the comments!