Hello @pjschut84!
Congratulations the new business venture…sounds like a beautiful one! I am assuming you’re a single member LLC, is that true?
Quarterly estimated taxes are a tool to help you avoid owing when you file. Therefore, when the business begins to make a profit, it would be good to start filing your quarterly estimated taxes. If you do have employees already, of course, there will be requirements for payroll filings immediately. You can use this to estimate how your taxes are looking year to date! You will need to estimate income from all sources to be accurate as possible.
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
When a business has items that are not sold, there is not any addition to income for those items. However, they are still deducting costs and labor associated with those unsold items. This will account for the loss associated with the unsold flowers.
This is a great resource on start-up costs: https://turbotax.intuit.com/tax-tips/small-business-taxes/startup-business-tax-tips/L7SOyYMzr
While I realize there are many questions when you begin a new business, I hope this information gets you started!
JanetB211
