Can anyone share some good tips or resources for learning to take care of the taxes a small (side) biz owner would have to pay? I'm in the state of IL, for reference.
I've got the general gist of schedule C, and was looking at subscribing to something like Quickbooks to keep track of receipts and things and a specific crafting software for the things that I make, but I'm curious about things like the so-called 'self-employment' tax.
I work full time and have no intention of leaving that job, it's a steady income and provides health insurance and I'm content with selling things part-time/on the side for the time being, so they're already withholding all the usual. Is FICA/social security/etc. something I need to account for through the year and pay into or something that's paid into voluntarily? Is it just safer to consult an accountant? I mean, I'm talking initially I'm probably going to be doing less than $500 a month in sales, so if I can do this stuff by myself, I'd rather like to for as long as I can.