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When investigating such things for a solo software business I read that you can even just claim additional income on your taxes and call it a hobby until you ge
by mattbrewsbytes 4y ago
When investigating such things for a solo software business I read that you can even just claim additional income on your taxes and call it a hobby until you get sufficiently big enough and then pay an attorney and accountant to figure out the best path forward. There is some risk about liability but for small revenue software its unlikely someone wants something beyond a 100% refund.
- brudgers 4y agoI am neither an accountant nor attorney. The way I do it is using Schedule C and the relates forms. Banking is one thing a sole proprietorship simplifies because all you need is a separate personal account to use for the business and banks are happy to set one up. If the business doesn’t generate much income you might even get away with not paying out taxes quarterly and use additional withholding instead.