topic Starting a Business in Self employed

Starting a Business

traceyyyand — Wed, 27 Oct 2021 18:50:03 GMT

Can you please provide the best tips to start a business. It's just me selling handmade gifts, digital files, and other trinkets on Etsy and my own website. I haven't been able to successfully launch anything because the legal stuff scares me. I also have a full time job, so this will be a side business. My thoughts were to create an LLC, get a separate bank account, and start, but just not sure if I am missing anything or how to file these taxes correctly. Thanks

Re: Starting a Business

Sunny_Tax_Expert — Wed, 27 Oct 2021 19:07:04 GMT

Hi @traceyyyand,

First off, congratulations!

Three of your main concerns should be:

Which accounting method to choose
How to pay estimated taxes
Keeping track of expenses

This TurboTax article, Starting a Business, has been updated for 2021 and covers all three areas nicely!