From the course: Running a Web Design Business: Defining Your Business Structure
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Introducing Amy's web design business
From the course: Running a Web Design Business: Defining Your Business Structure
Introducing Amy's web design business
In this video, we'll explore the basics of estimating taxes for a simple business. Meet Amy. She's a web designer who lives in sunny Florida. Amy wants to open a web design business, but before starting, she wants to know how her web design business would be taxed. More specifically, she wants to know the taxes for a business structure as a sole proprietorship versus an LLC. We all know that taxes get complicated. Every year, tax rates, qualifications, deductions, and extensions change. We also know that taxes vary according to individual circumstances, like marital status, number of dependents, income level, etcetera. So let's take a moment to look at Amy's specifics. Amy is single, she has no dependents and she lives in Florida. She plans to be the sole owner of a web design company that has no employees. Her business will use the calendar year accounting period. This means that she'll keep records and report income and expenses in 12 consecutive months, beginning January 1st and…
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