Thread: taxes
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Old 06-05-2021, 08:11 AM  
Sly
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Join Date: Sep 2004
Location: Austin, TX
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Your first question is more of a business question. Many reinvest all monies earned, or at least should.

If you don't pay quarterly, you'll just have to pay a penalty. Up to you as to whether or not it's worth it.

It's an estimate for a reason. :-) The main point behind it is for the government to get your money before you have the chance to spend it on something else. I'm not a fan of the government having my money any longer than they need to...

Ultimately, do what makes the most sense for you on all 3 questions. Even if you make no profit due to reinvestment, the government really just wants a note saying that. You may as well get in the habit of doing it quarterly now to save you trouble later on.

Also... LLCs are common I think because they are so easy to set up and understand, but S Corps are typically better, especially when you want to start paying yourself. You can tax the LLC as a S Corp, but that's accountant/CPA/tax lawyer stuff. As soon as you start making any money, get a professional to set you up with a plan that works best for your situation.
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