Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Sep 20, 2023 2:05:46 AM

I just opened a company, I need expectations, accounting tips and practices for my upcoming tax filing for compliance

0 2 938
2 Replies
Level 15
Sep 20, 2023 8:17:11 AM

You can read this from the IRS. 

https://www.irs.gov/businesses/small-businesses-self-employed/starting-a-business

 

You also might want to consult a local tax/business professional to get you started. 

Level 15
Sep 20, 2023 8:41:51 AM

You have not told us whether you are a sole proprietor or if the business is an Scorps, Ccorps, or multi-member partnership.  The tax advice will be different depending on that information.   

 

If you are a sole proprietor, you are self-employed, and will be paying self-employment tax for your own Social Security and Medicare, as well as ordinary income tax.  You will be able to use online Self-Employed software to prepare your tax return, or any version of the CD/download---you will need to complete a Schedule C for your business expenses.

 

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

 

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

 

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

 

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

 

 

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

 

 

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

 

 

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

 

 

Provide some details so someone can be more helpful.   And...the suggestion to seek local professional advice was a good idea since you are new to starting a business.