Hello, I'm 19 and I'm about to launch my first business in very early January. It will be a subscription website for digital content. What I need help/advice with is on the accounting side. My plan was just to track all income and expenses, put 30% of profits in a savings account and pay taxes with that. But that just seems too simple. What else should I know? What else should I be keeping track of? Should I save a higher % for taxes? Lower? Does the new tax plan change anything for my situation? So many questions. Any accounting advice would be appreciated.
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