Hi. I just got licensed to start my custom cake business here in CT. The only thing I can’t seem to find is tax help. Do i need to file them? is there a certain amount I need to make to file them? How do/should I file them. Everywhere I look just keeps to be dead ends. Does anyone have any suggestions or experience with this part of it?
Elizabeth, the last lesson in my free mini course covers some of this. But basically, yes you need to pay income taxes at tax time. No matter how much you make, you have to report it as income. I personally use TurboTax to file my taxes, but most tax software will be able to handle business income.