Taxes

I was reading the forum at StartUp Nation today and came across some interesting information on taxes for small business. I will list them below for reference.

• Businesses pay income taxes on a quarterly basis
• State taxes must be filed on a monthly basis
• City or town taxes must be filed on a yearly basis
• Based on other people who also run online retail businesses, a LLC seems to be the solution for me. I need to figure out how much money setting up a LLC will cost me.
• Hiring an accountant/bookkeeper is the best money I can spend in the business initially. I do not need a CPA for now.
• Once I have the business set up, I must open a separate bank account. This will keep things more organized.
• I should get one credit card (I already have my American Express Business) for business expenses only and charge everything that is business-related to that credit card. Thus, when the bill comes, I can match the receipts to it and mark on the bill what it is for and the bill itself goes to my bookkeeper every quarter.

This is it for now.