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Level 1
posted Oct 25, 2023 6:21:49 AM

small business taxes

I just started an LLC as a therapist. How do I report my new business income and expenses? How often do I need to file taxes? And how much should I set aside for taxes?

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2 Replies
Level 15
Oct 25, 2023 6:32:19 AM
Level 15
Oct 26, 2023 4:33:21 PM

If you just started your business in 2023, I would *HIGHLY* suggest you seek the services of a CPA or tax professional for "at least" your first year of business. Especially if your state taxes personal income. Doing things wrong that first year can (and most likely will) cost you dearly. I lost count years ago of the number of businesses I've known to go bankrupt before the business even got off the ground, because of the owner's lack of knowledge of taxes and other requirements. Doing things wrong and dealing with the potential back taxes, fines and penalties can make the cost of professional help in that first year seem like a pittance in comparison.