All About the Side Hustle

[Mmchalf5]

Hello!

So I've been trying to learn more about how to handle taxes for a side business, but I feel like I keep getting conflicting information! For example, one resource told me that it's necessary to file for a small business license (though I find it challenging to discern which business type I would file for) and another resource advised me to avoid filing for a business license if there aren't a lot of business costs, and then just file taxes annually...the second option didn't seem particularly legitimate to me.

Also, what would you say is the best affordable resource to learn about small business taxes and approaches? I've never had any schooling in business or entrepreneurship, and I often feel overwhelmed by all of the protocols that I know nothing about. Thank you for any guidance you can provide!!

Megan

[VincentL]

Business formation is the decisions that need to be made when creating the structure of your business. Choosing between different business structures, such as a sole proprietorship, a partnership, an LLC, a corporation, and a non-profit, will impact the future business decisions you'll make for your business.

Generally the Secretary of State, for the state you live in, has the information you need to answer your questions about business formation.