Anyone familiar with small businesses reporting earnings, etc?

Anyone familiar with small businesses reporting earnings, etc?
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1 Answer

Answer :

You will need to check your states taxable income tables to find out what, if anything, you might owe. It depends on many factors. Is this your only source of income, are you going to be filing jointly with a spouse and your income will get factored into the whole, or as a single, head of household with an additional source of income/working income? I would suggest putting aside about 30% of your earnings and filing quarterly if you do make enough to be taxed. This way you won’t be hit with one large bill when you file and you will pay in smaller increments quarterly.
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