Starting a new business can be overwhelming, especially working with more experienced advertisers who are helping direct your day to day operations. You're making money now, wonderful, but you're wondering how to pay or file your taxes.
1. Your corporate tax returns will both be completed and filed by your advertising partner. A copy will be sent to you to review, sign, and save for your records. If you have specific questions you can always email their accounting department (go ahead and ask us for their contact information.)
2. You are responsible for paying taxes on the money you make annually. If you're unsure what this amount is feel free to message us anytime, but this references what you directly get paid.
3. You will be provided with either a schedule C or 1099 based on how you're paid in order to add the amount you made to your personal return. This will be provided no later than March for the prior year's revenue. Again, if you need help, clarity, or haven't received this information by tax time please reach out to us and we will provide it for you or guide you to the correct department.
4. You're a business owner now, so you may have eligible write offs! If you need a list of write offs you may qualify for please let us know and we will have an accountant provide that for you.
5. You now have 2 corporations that have most likely done reasonable revenue. Contact us to see how you can better leverage these assets to further your current businesses or future business endeavors.
Congratulations on your first (or another) successful year as an entrepreneur!
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