New sellers with accounting questions.

[vtgtreasurechest]

Hi we started about 4 months ago and things took off very quickly. We started a general partnership and got a eifin number and sales and use permit cause we buy wholesale clothing. I am keeping track of evreything pretty decent but the government form says it suggest we set up on there website and pay taxes monthly. Just curious what that even intails. I am not sure what information I need. We have a good system of keeping track of total inventory cost and money coming in fees ect but am kind of overwhelmed. Should I hire a accountant or should I maybe get quickbooks? 

[slippinjimmy]

Which "government form"?

Paying your taxes has little to do with how you do your accounting.

You can hire a bookeeper & an accountant to do it all for you.

You can hire an account just for the tax filing and do the bookeeping yourself

You can do it all yourself

You can do your bookeeping with a pencil and paper, a spreadsheet on your computer or dedicated software such as Quickbooks. Your choice depends on your specific situation which obviously can't be answered on this board

You can find some info about Instalment payments on this page.

https://www.irs.gov/uac/self-employed-check-out-these-irs-tax-tips

[vtgtreasurechest]

Thanks for the info it looks like the monthly I have to pay is just for sales tax. So I need to back track and see how many folks in my state I sold. Which isn't many. As a general partnership I believe we just split the business equity as individual income for our taxes. So I'm guessing I'll want to stock up on inventory at the end of year to shrink that number. I am good with numbers I do it for a living outside of the side buiensss. It's just been difficult seeing as how the "part time" gig has quickly turned to full time. I suppose it may be time to pursue it further

[slippinjimmy]

So I'm guessing I'll want to stock up on inventory at the end of year to shrink that number.

That will not reduce your taxable income at all, Inventory is an asset just like cash in the bank (or PayPal account).

[vtgtreasurechest]

Thanks for the help. After doing some more research I think I got a handle on it. We appreciate the input 

[siayan]

For me, the state requested sales tax to be paid according to the amount collected. When I had a small B & M they wanted quarterly, Now it is at the end of the year since most of my sales are out of state. They always made the request by letter.