Starting a small business with digital products

[Briannakeeling]

Hi! I am starting a business that provides digital products. I have not launched yet but I want to make sure I set everything up properly before launching so I do not run into any problems when it is time for taxes. I did sign up for stripe and it did give me an option to remove taxes is that a good idea? Or should I worry about it at the end. I jus want to make sure I am doing everything properly. Should I set up my LLC and business bank account before I launch or should I wait until I launch to do it? Any other suggestion for me as a new business owner?

[Holly W]

Hello @Briannakeeling 

Thank you for joining us today!  Congratulations on your upcoming business adventure.

I do recommend setting up a separate bank account for your business, as well as a LLC with our state, and obtain and EIN number.  Here is a great article that will help guide you in the right direction:  Starting a new business and IRS Estimated Taxes 

Depending on the state in which you live, there may be different filing requirements as far as sales tax and estimated tax payments.  If you tell me a which state you reside in, I can provide information on their filing requirements.

Thank you again for joining us! 

Holly W

[Briannakeeling]

Hello,

Thank you. I live in New Jersey