Hi all. Following up on the LLC's question. I'm nervous that I'm going to get destroyed in tax season and need to act now to avoid getting destroyed in tax season. I figure there must be a lot of us out there who conduct business without technically being one.
I'm co-owner of a business that isn't incorporated and that's taken in roughly 35k rev since it was founded about a year ago. Of this revenue apprx 80% has been profit. I'm a student, so a lot of my personal income has gone to tuition and other living expenses.
What do I need to do today to not get schlocked tomorrow?
Sorry for the somewhat redundant post to the currently hot LLC one; I evaluated the thread juice over there as running low and thought I'd start me own.
Thanks!
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