I have a new business and have decided not to get LLC or incorporation on it due to the expected amount of sales it will get until going.
This leads me to my first business started that uses my ssn only.
This is a service only based business.
So when paying taxes at the year I wont have double taxation correct as it uses my ssn?
So, say I did $50,000 and the percent is 35%, then I only need to pay $17,500 or so as personal income correct?
Or do I need to pay business taxes and personal income taxes even though it only uses my ssn?
So, $50k - 17.5 = $32.5 after business taxes
35% of $32.5k = 11,375 = $21,225
I know there are a lot of variables and that I need to get an accountant to look over the details, just would like to get a rough sketch idea so I know what I should typically have before going to an accountant, being a startup there are not a lot of funds to grow the business so a lot of the profit go back into the business.
Thanks for the help!