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Reply to "taxes and self-employment (LLC)-Help me!"
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[quote=Anonymous]If you’re a single-member LLC, it’s quite simple. Pay quarterly estimates to the IRS and your state. Save receipts for everything business-related. Set up a solo 401k with Fidelity. Keep good records of money coming in and going out. I use Excel but my LLC is not complex. Don’t hire an employee unless you want a headache. If you need additional help, make sure they legally qualify as an independent contractor and issue a 1099 for them at year-end. https://madrasaccountancy.com/blog-posts/single-member-llc-taxation-guide-how-it-works-what-you-need-to-know#:~:text=%E2%80%8DAnswer%3A%20Single%20member%20LLCs%20are,tax%20return%20using%20Schedule%20C. https://www.llcuniversity.com/irs/llc-taxed-as-sole-proprietorship/ [/quote]
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