Thread replies: 13
Thread images: 1
Thread images: 1
Howdy /biz/
So I'm a 19 year old college student making around 70k a year repairing electronics in my college town. This is currently under the table for the most part, but I want to get it official before the tax men come knocking. I was concerned about taxes but I had a customer the other day telling me about write-offs that exist for the self employed.
Does anybody have any advice on getting set up as a self-employed business? I know very little about this, and I want to do it right before it's too late.
>>
>>1405621
Also I'm living in California
>>
>>1405621
What part of California?
>>
>>1405621
I do electronics as well or at least I wish I did more and I am self employed. I spent 250 timer hours learning elecrronics. I had to take a break just to learn taxes now I'm up to like 100 hours in taxes and finance. But I can help you out really good. Im in Orange county.
You need quick books, one of those filing boxes from staples, some folders, and stop by your bank and get all of your bank statements.
>>
What kind of electronics do you (both) repair?
>>
>>1406239
I'd like to know as well. I'm no expert but I enjoy repairing my own phones screens, fixing TV's I find on the street and just tinkering in general. Is it awkward telling a customer that their device is beyond repair?
How do you advertise? I see posters for phone repair up around school and I bet you every weekend they have people lining up with broken screens.
>>
>>1406188
805 San Luis Obispo area
>>
>>1406193
On the IRS site it says
> Generally, the amount subject to self-employment tax is 92.35% of your net earnings from self-employment.
What the fuck is that true?
>>
>>1406193
Because this "business" isn't really official what steps will I have to go through to make it legit?
>>
>>1406896
Yeah that's true. Fortunately almost everything can be a write off making your net profit 0. Last quarter I had a net profit of $10k, I paid $1500 on that. They did pop me for $350 of obamacare. It's $700 for the year just their gay ass fine
>>
>>1406918
You don't really have to go through any steps. You're a sole proprietor. You could go down to the gubment local and get a DBA which is like $30, then take that to your bank and open a business account which would be named the name of your company. Then any time one of your clients writes you a check or pays you they make the check out to your business not to you and you put the check in to that account. Makes accounting easier. Your personal money for food or rent you transfer out to your personal account.
>>
>>1406193
>quickbook
>using intuit for taxes
YES, goy, thats exactly why we lobbied congress to make taxes extraordinarily complicated...
>>
>>1407692
Explain?
Thread posts: 13
Thread images: 1
Thread images: 1