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Level 1
posted Aug 28, 2024 9:29:25 AM

stopped w2 and started a new business

I just quit job and started a new business (LLC, solely owned) trading only ETFs and futures. What are good tax practices for me in this situation?

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1 Replies
Employee Tax Expert
Aug 28, 2024 10:57:06 AM

Welcome to the Event, skfin110!

 

Congrats on starting your own business! If you expect to owe more than $1000 in federal taxes for the tax year, then you may need to make Estimated Quarterly Tax Payments. Here are some great tools to help you along the way: 

 

Self-Employment Tax Hub

 

Estimated Taxes - How to Determine What to Pay and When

 

and a bonus one for you:

 

Trader or Investor?

 

Be sure to track all expenses and income earned related to your LLC through the year.