Hi, I began my new cafe business in Ohio on 8/7 this year. While there is some income from the sales, I am deepy in the red due to the expenses accrued from the start-up costs. I am not expecting my business will have any net profit this year (even for a good part of next year, if not the whole year 2024). My question is:
1. Would I need to submit any payment considering there is no net income?
2. In either cases, would I need to do any special filing to communicate my financial situation to the Federal or Ohio tax authorities?
3. I assume I can carry any expense accrued this year to the next year for tax calculation purposes, correct?
4. From my understanding, as a sole proprietor in an LLC, I can make draws from my business at any time. When it happens, I believe I would have to reserve a portion of that money I drew for tax payments. I assume that reserved money would be going toward the quarterly tax payment?
5. (Continue from #4) Would I need to file 1099 for this draw from the business account?
6. Is this quarterly tax payment be required for the LLC as an entity AND for me personally? For example, LLC will have to pay quarterly tax payments on the profit while I will have to make quarterly payments for the withdraw from business to my personal account?
Thank you!
