Hello. So I got fired as of December 2022 from my job. As of March 2023, I decided to go into business by myself doing small odd job construction jobs. Thankfully it has done well and I've been able to keep afloat since my termination. I do NOT have an LLC and have just received payment by either Zelle, Venmo, cash, and check for the different jobs I perform and complete. I have kept a detailed spreadsheet of all my jobs, the cost of labor and materials, and my profits. This is my first time ever doing something like this so I have not paid taxes on my income as of yet, but I have set money 12% of all my earnings aside for when I do file my taxes.
Am I wrong for not having paid taxes as of yet? I honestly don't even know how to pay taxes other than filing it at the end with TurboTax.
My second question is, because I own basically a cash business, am I more likely to get audited? I have all my records in order, it just makes me nervous having to think about that.
Appreciate any guidance you can give me.
