Need Advice on small business tax

by SnooPets2302. Posted on Sep 13, 2020    0    1


Hello all,

Recently I lost my job to COVID and got on unemployment (in CA) , while on unemployment I started an LLC (just me) in another state. How would I go about my taxes? I still live in CA but conduct business in the other state, the business in the other state is less than 15 hours a week. Im not sure what I need to do for taxes or for my business.

Thanks for the help or advice!


Comments

bmiller9106 1

Hi! If you are going to have a taxable profit in your business you should look into paying tax estimates to avoid penalties or interest. Just remember you will have to pay your normal federal and state income tax rates on your profit plus 15% federal self employment tax.