I just started a business in CA.... ( I need help)?

Question

I do Home Theatre: TV, PC and Surround Sound Installation. I just got my business liscence, and operating under my name, so no need for a ficticious business liscense.. What do I do next ? I don't sell anything so do I need a sales tax liscense ? Will, I have to pay taxes at the end of the year ? What are some pro's and con's of having a business ??

Anything would help ... thanks

sparky · Accepted Answer

Do you have your C class state lic.?  If not you can't bid jobs that take over a day and you can't exceed $500 in labor and material per day. Estimated quarterly taxes are a joke, don't pay quarterly. I wait until April 15 for the years worth taxes. Why give your money each quarter for the IRS to collect intrest on?  Plus you always end up paying too much when you sent in quarterly. No resellers lic. is needed since you are not a reseller.  Just mark up all your materials by 15% (unless its government then go to 30%).
 The pros are: Making your own schedule, not having to take crap from a boss, earning potentional is not fixed like at a regular hourly job, you can write off just about everything you buy.
 The cons: Dont get hurt or sick because no one is going to pay you sick time or workers comp., You must save your own pension fund, people will call you anytime they want because they think your open 24/7 for some reason, job security is not always certain, and that damm Self employment Tax that the feds take is BS.

Anonymous · Answer

You have what you need.  Every quarter, you should send in estimated tax payments (1040ES).  I forget what the CA forms for quarterly payments are.

Right now, I'd focus on generating income.  Then, find a good accountant for your needs.

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I just started a business in CA.... ( I need help)?