Self employed

Hi AP 82.  

Based upon your information, your business appears to be a sole proprietor/self-employed.  I would start by doing some research for how to operate self-employed business.  There are many resource(s) such as the Dept. of Revenue, SBA, local Chamber of Commerce, in addition to QuickBooks Online.   The most likely tax form will be Schedule C within the 1040 tax return.  You can keep track of expenses using many types of income/expenses tracking systems.  QuickBooks is a good way to track income/expenses; if you use third-party applications such as Venmo, Cash-App, and Square, these providers will also track income/expenses as well.  With these companies, you most likely will receive a 1099-K for all transactions in excess of $600.  As far as hiring employees, they will get W-2s at the end of the tax year.  I would definitely do more in-depth research about payroll taxes and quarterly payroll filings once you decide you want to hire employees for your business. Payroll is a very important task in a business, so you may want to outsource it to a well-known Payroll processing company such as QuickBooks Payroll, ADP, Paychex, etc.  I would suggest to do good research on this as well.   Additionally, you may need to look into worker compensation and unemployment liability insurance.

I hoped that I have answered your questions to get you started.  These were very good questions in starting up a new business.