A friend of mine started a rapidly growing plumbing business and reached out to have me start a business repairing and doing maintenance on his 10 vehicles. At this time its just a solo endeavor side gig for me, Im a W2 employee at another company. I dont plan on having employees.

I started an LLC and got my EIN and business bank account up and running already but I'm not sure how to figure out taxes.. I see alot of confusing information.

I know most people hire tax accountants ect for their business but I don't think it would be worth it for me at this point, I would expect this business to not make generate more than 10K/Year gross revenue.

I've read you have to do taxes quarterly, can I just have them done once a year? I don't plan to get paid any money out of the account for the first year at least so it seems like at the end of the year I could just write a check for the taxes due?

Easiest thing is to just withhold withhold extra from your ft job to account for the expected taxes from your side gig. You can also just owe the taxes when you file next year, if you continually owe taxes at the end of the year you might get dinged with about a 1% fee at some point.

Beavercel here but also incorporated a company in the middle of 2020 and did my first corporate taxes a couple weeks ago. I don't think there's any expectation for your first year to be quarterly filing, might become the case after your first filing but also haven't seen that on my end so far

Have you ever priced an actual CPA man?


I don't go to a chain place I go to a local mom and pop shop. Gotta drive an hour to reach them in a really small town. They do their local businesses. Back when I had my side hustle and was getting 10-99ed They would charge me like $180 to do my taxes. Obviously I kept all my paperwork/receipts and just brought it to them organized. I tried filing my own taxes a couple of times through turbo tax but didn't submit. I always came out ahead by at least $500-1000 by spending the $180 to go to the CPA.



Been using them 10+ years. Don't get 10-99ed anymore but due to market trading I have short term cap gains all the time. No way in hell would I do my own taxes.

I'm sole proprietor, which it sounds like you should be just to make it easier but if you want protection from liability an LLC is a good idea.

One way you can do it is once you receive money from invoices, put aside about 30% assuming that is what you will pay net in taxes. Means when it comes time to pay you already have the money put aside and it isn't a big hit.