managing multiple sources of income for consulting and other work
May 12, 2014 12:29 PM Subscribe
I have a fledgling sole member LLC with its own tax ID and would like to charge consulting and software sales through that, but I have other income as well.
posted by spacefire to Work & Money (1 answer total) 3 users marked this as a favorite
I have some small investments I made in my own name which I might liquidate this year.
I also have some gigs in tutoring and teaching whose income I would not put on the LLC.
The teaching gig has some taxes subtracted from it already so it would probably not factor into the quarterly tax estimates.
Yes, I do plan to hire an accountant, but I don't want to pay an arm and a leg for them doing two sets of taxes until I start making more money through the LLC.
I'd like tips and examples of how to manage this keeping good records for taxes and staying on top of the financial streams, on paying yourself from the LLC and how to keep records of that, and so on. I want to cover all my bases. I have been using Quickbooks online but I don't think it can handle multiple entities, so maybe some software suggestions would be good too.