Confused about sole proprietorship taxes after starting your first business? In this video, CPA Logan Allec explains how taxes work for a new sole proprietor—including how to report your business income, make quarterly estimated tax payments, and keep track of your business expenses. You’ll learn: - Whether you need to notify the IRS that you are a sole proprietor - How business income and expenses are reported on Schedule C - When quarterly estimated tax payments are generally due - How to make an estimated tax payment to the IRS - Why you may also need to make state estimated tax payments - Whether a spreadsheet is enough for your bookkeeping - Why opening a separate business bank account can make tax preparation much easier - How bookkeeping software such as QuickBooks can help categorize transactions - How Schedule C income eventually flows onto your Form 1040 - Why in-home daycare providers should understand the special home-office deduction rules Sole proprietorship taxes can ...