Yes, get bookkeeper help at minimum, maybe acct for your returns. It is more complicated. Far more. You are not paying just F.I.T., but now self employment taxes too. You will need to file a Schedule C, Schedule SE and Long Form 1040 at minimum. Go to www.irs.gov and download those and see what you think of them. You will need to do the same for your state, but you may have to pay unemployment OPTIONALLY on yourself with Florida, but they may have other state taxes for self employed.
Originally Posted by Michelle Acosta
REMEMBER you do not wait to pay your taxes annually. You are responsible to PAY ESTIMATED TAXES 4 times a year, and if you don't or underpay too much there are fines and penalties. So it is like doing the Schedule C and SE each calendar quarter, but you don't file it, you just figure what you would owe for that quarter, and just send an estimated payment in to cover that quarter. This is why you need a bookkeeper to tell you your quarterly estimates.
Locate your closest SBDC or SBA office and you may find free course on self employment taxes by local pros.
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