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New business owners-- did you just use tax software or have someone do taxes for you?
Posted on 1/4/24 at 1:47 pm
Posted on 1/4/24 at 1:47 pm
Starting up a side business that will generate a small to moderate amount of revenue. Never even had to give thought to the taxes around a business before but want to be able to minimize the tax burden on the income it generates.
Is this kind of accounting doable in software with some online reading, or am I best served paying someone for their services in maximizing my outcomes on this?
Is this kind of accounting doable in software with some online reading, or am I best served paying someone for their services in maximizing my outcomes on this?
5
Posted on 1/4/24 at 2:27 pm to Thundercles
Not sure what you mean by small to moderate amounts, but in my position, a professional is well worth it. He handles both of my businesses (LLC and C-corp) and my personal. I've always paid someone to do my c-corp, but I really started saving significant money when he did all three and planned how money would flow between it all to minimize the tax burden on the personal side.
Posted on 1/4/24 at 3:37 pm to TJack
I'd call it a success if I did 25k this year
Posted on 1/4/24 at 7:01 pm to Thundercles
That’s prob something you could handle if you don’t have anything complexed. Check out some software online. I’ve used turbo tax and it can be pretty easy.
Posted on 1/4/24 at 7:23 pm to Thundercles
If using tax software you may need to buy a premium version that provides self employed schedules.
Posted on 1/4/24 at 7:30 pm to CEB
quote:
If using tax software you may need to buy a premium version that provides self employed schedules.
Can Turbo Tax be used to prepare an 1120 S return?
Posted on 1/4/24 at 10:22 pm to CEB
Call Lemoine & Associates
225-926-8299
225-926-8299
Posted on 1/4/24 at 10:38 pm to Thundercles
I have 5 1099s that come in from a variety of activities. Run it all under my SSN as a SP. No LLC formation. Paying my accountant $500 is the best money I spend all year.
This post was edited on 1/4/24 at 10:50 pm
Posted on 1/5/24 at 4:24 am to Kattail
Yes you can get diff versions.
This post was edited on 1/5/24 at 4:25 am
Posted on 1/5/24 at 1:50 pm to Thundercles
The actual business money in, money out, and income is straight forward and easy. The issues you will run into is things like depreciation if you are buying anything over $2500. Additionally, it may be worth your time to see a CPA for the additional income as you will owe self employment taxes. There may be some expenses like a truck, office, etc. that may be worth investing in earlier then you expect.
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