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Started a foreign-owned LLC. Feeling overwhelmed and need advice. (alien.top)

submitted 11 months ago by throwawayissues238@alien.top to c/entrepreneur@indiehackers.space

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So my LLC is going to be online publishing content incorporated in Wyoming. I have an EIN, articles of formation, etc. My next steps are to start a business bank account, and of course consult with a CPA.

In the meantime however, I’m just feeling a little overwhelmed about a few things that I was hoping to clarify here.

What exactly is bookkeeping and am I supposed to be paying a service to do this? I had just assumed saving my business bank account statements would be how I kept my books. Then, at the end of the year, I give these statements to a CPA and they do my taxes for me. Is this not correct?
Why do some articles say I have to pay taxes quarterly (but file tax forms once a year), while others say I only do it once a year along with my tax forms? Are only some kinds of businesses supposed to pay quarterly, while others annually, and if so, what kinds?
Do I need to pay for a CPA service that I can consult with year round, or am I supposed to just see a CPA with my bank statements at year end, then pay them a one-time fee to file my taxes for me?

I guess altogether, I’m just a little overwhelmed by all of these paid services advertising bookkeeping + accounting services for $$/month. I get that for some businesses, especially brick and mortar ones, things can get a little trickier or confusing with their books. But for an online only business, do I really need to do more than pay a CPA once a year to file my taxes for me?

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[–] AskFelix@alien.top 1 points 11 months ago

Are you already making money with the content publishing business? You jumped through a lot of hoops for what seems like a blog/newsletter/video channel. Unless you have other businesses/income/assets that need protection but given your questions, it seems like you dont.

[–] teglass904@alien.top 1 points 11 months ago

definitely consult with a cpa they'll guide you through the process and help you understand everything. bookkeeping is important to keep track of your finances but for an online business it might not be as complicated as it seems. just make sure to keep a record of your business bank account statements and give them to your cpa at the end of the year. they'll take care of your taxes and ensure everything is in order!