He recommended the type of tax entity I should become and educated me on what I needed to keep track of. It was someone recommended to me by a colleague in the field so I knew he had experience in my field. I went to an accountant first before doing anything just for a consultation. I been in business for just over 1 year, so the confusion of just starting is fresh in my mind. But I can share with you my experience and what I've learned. CPA will review and let you know if you need to take any actions prior to year-end to ensure you are well-situated for year-end and real taxes.Įveryone's needs and preferences will be different so I can't tell you what you should do. You or your bookkeeper will prepare the necessary reports (this is simple if you use QuickBooks - just run a few reports) and send them over. I recommend doing some tax planning with your accountant about 3 months prior to year end. Try to maintain separation of business and personal expenses - get a separate credit card and bank account for business transactions - this will make it easy to generate the info your accountant will need for taxes. You'll want to revisit this and the s-corp election when/if you start making significant profits, but typically you'll be fine for the first few years.īookkeeping is up to you - it'll be fairly minimal, but if you don't want to deal with it you can hire someone to come in weekly or monthly to keep on top of things. Thanks in advance!Īn LLC is a pass through entity, so its profits are your income anyway - no need to pay yourself on the books, yet. I imagine this is just normal reality for many of you here(!) but for me, it is a new struggle that drives me crazy just thinking about how stressful it all is.Īnyway, I appreciate any/all advice about bookkeeping and accounting. This is all very confusing for me, and I need to focus more time on getting more clients and growing my skills. I just opened an account on Wave and plan to use that for organizing my accounts, but I know nothing about the chart of accounts or what deductions are available to me, or if I should elect to be taxed as an S-corp or if I should pay myself on payroll. I'm nervous about naively spending too much at this stage but I also don't want to do things wrong and end up spending more on taxes. I don't really have that much to spend on anything, much less bookkeeping or accounting. I occasionally hire contract workers for a couple of days but it's very rare. I provide videography/video editing services to clients on a small scale (like it's just me doing everything) and don't have any employees. how much is a reasonable amount to spend on these services.if I should hire a CPA for year-round tax consultation (like a Wave advisor or 1-800-ACCOUNTANT) OR just when I need to file my taxes.whether I need to hire a bookkeeper to get things set up or if I can do it myself.Hi everyone! I just started an LLC and am confused about: Location Specific Small Business Subreddit No Personal Attacks, Trolling, or Toxicity.You can promote your business in a relevant reply to a post or comment in other threads. Offers of free services under the pretense of 'building your portfolio' are considered business promotion, and not permitted in posts. Promote your business in the weekly Promote-your-business thread only. Practically all content, small business-related or not.Īllowed are links or quotes in comments and replies that are relevant to and come normally in the course of discussions. Note: You can post own experiences in the new weekly stickied or pinned share-your-experience thread.īlogspam has been defined very early in r/smallbusiness as content that maybe text articles, images, or video. NO business promotion, lead generation, rants, info-tainment, success stories or unsolicited instructional texts, treatise, or how-to's are permitted in posts. You ask a question about starting, owning, and growing a small business and the community answers. R/smallbusiness is a question and answer subreddit. Post only questions about small business.To get flair added to your username, message the moderators. This sub is not for advertisements! Questions and answers about starting, owning, and growing a small business.
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