Hi! I have been starting a small business (microgreens, aka sprout cousins if that helps) It has been so much fun and I’ve learned a lot, but I obviously know very little about business.
I know kind of what taxes are, but have NO idea how to do them. My state doesn’t have sales tax which is all I know. I’ve been keeping okay track of everything I am buying and making.
But is anyone willing to make a step by step on how to do taxes? I COMPLETELY understand if not, because I know how much that would be. I tried looking on the Small business government website and a few other places but there is just so much jargon that I don’t understand (it’s above my reading level AND I don’t know lots of jargon)
I also have gotten an LLC and business license but am just stuck from there. I’m worried i’m going to do something wrong and will end up in jail, or owe a BUNCH of money. What if I’m missing something else big?
I recommend to get an appointment with your local SBDC (Small Business Development Center). It’s free and they can help you figure out the best approach for your business.
https://www.sba.gov/local-assistance/resource-partners/small-business-development-centers-sbdc
The state wants you to be successful. They will not shut your business down. They will help you to get caught up and learn how to do this. Also, you small business is not on their radar at all. It’s really unlikely that this will be an issue for you. But it’s good to start figuring it out.
HR block is on sale right now for $40 on Amazon but as a kid I’d see an Accountant
Find out how much money a tax proffesional wants to be paid to help you. Maybe get three estimates.
Turn this into a yearly cost, then divide that cost by the number of units you will sell in a year.
Raise your price per unit by double this cost.