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re: New LLC Business
Posted on 12/1/15 at 10:22 am to BLM
Posted on 12/1/15 at 10:22 am to BLM
QuickBooks is kind of the standard for small business accounting, but there are some others such as Freshbooks and Xero that are pretty neat. Make sure you fully use their invoicing and bill pay features.
Payroll... if you are set up as a partnership for tax purposes, you won't be paying yourself a salary. You will be making payments to yourself (either in the form of guaranteed payments or distributions) and you will have to pay taxes including self-employment tax at the end of the year. So you need to do quarterly estimate payments.
If you do bring on a couple of employees (like admin or a supervisor) all of the accounting software providers have add-on payroll services, which would be fine. Just for the love of God, make the payroll tax deposits!
Get good contracts for all of your subs, so it's clear they are subs and not employees.
Payroll... if you are set up as a partnership for tax purposes, you won't be paying yourself a salary. You will be making payments to yourself (either in the form of guaranteed payments or distributions) and you will have to pay taxes including self-employment tax at the end of the year. So you need to do quarterly estimate payments.
If you do bring on a couple of employees (like admin or a supervisor) all of the accounting software providers have add-on payroll services, which would be fine. Just for the love of God, make the payroll tax deposits!
Get good contracts for all of your subs, so it's clear they are subs and not employees.
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