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Hello,
I was looking for a little help reguarding the subject of taxes. I have established a LLC and EIN in the State of Colorado. I was wondering if I can just declare the income on my 1040 or if I to register further with the state ( such as; unemployment insurance and establishing a sales tax ID). I will be operating a popcorn cart and all of the payments will be in cash.
If you are a single member LLC then the company's income is your income and is reported as such on your regular taxes. You also get all of the company's tax deductions. You should be able to do your taxes yourself using something like turboTax for small business.
Find out how your state handles sales tax for your particular income. Many states tax catering and food service but not food like groceries. Make sure you understand the laws in your state.
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