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Updated almost 6 years ago on . Most recent reply presented by

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69
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10
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Paul Farley
  • Canton, OH
10
Votes |
69
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First business - sales tax/income tax questions

Paul Farley
  • Canton, OH
Posted

I created an LLC a couple of years ago and put the business to the side for a while. I am about to begin the process with it and had some tax questions.

This business will most likely always be a side gig for me, so I will probably pay out most of the income to myself.

The main things I am unsure of are:

-how do I report/pay states sales tax?

-how often do you have to pay federal income tax and how does this work? For a business like mine which will be paying out almost all monies to the owner is the income tax based on the amount received in sales or net income/loss? 

-Do I have to pay tax on the income I am giving myself as the business? As an independent person this income is just like any employer income, right?

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