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I have a question to everyone in this thread: how do you deal with the bureaucracy (taxes and stuff) that comes with a side business? (I'm curious also about ho
by Rerarom 7y ago
I have a question to everyone in this thread: how do you deal with the bureaucracy (taxes and stuff) that comes with a side business? (I'm curious also about how it varies between countries)
- ab_testing 7y agoIf you are in the US, it is a straightforward form Schedule C. Depending on how your business is setup, Quickbooks or any other software will easily generate a form Schedule C for you.
- Rerarom 7y agoBut how does one register the business before it begins activity?
- trcollinson 7y agoI hire a good tax professional. That's it, as simple as that. I have a gentleman that I have used since 2014 who I pay about $350 to make sure everything is filed correctly. He helps me with tax planning. He helps me with the forms. The IRS is happy with me. I spend maybe a total of 2 hours a year thinking about it (I am fairly organized with my receipts though, which helps). I also have a good attorney and a good insurance broker. All in all, very simple. If I spend half of a day per year on any of this stuff, I would be surprised.