We started an LLC (doing handyman repairs) in the last month and primarily get paid through Venmo and Zelle. We have two areas of questions:
1. What is the approximate percentage of income that goes to taxes? If the business makes $20,000 for the year through cash apps alone, is there a way we can figure out a ballpark number of what we should put back? Will we have to report it separately from income that comes in cash or check form?
2. How do we prevent our income from being double taxed? We are personally filing married-jointly and are planning to file the LLC as an S-corp to try to prevent double taxing the same income. I was told we get the 1099-K to report cash app payments but then we also have to list it as income on our personal taxes. Do you have any training videos on how to file as an S-corp and prevent double taxing the same income?
