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.
Best answer:
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
Mandy
Add your own answer in the comments!
The first step is to prepare a business plan. Even if you will not be applying for a bank loan, a business plan helps you to think through your business – what it needs, who it will benefit, how much it will cost, and what is its potential.
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It sounds like you are very much a Small Business rookie.
Best bet – go visit your local Small Business Development Center (SBDC) – the provide FREE counseling to help you get the right answers.
seriously – they will help.