Alright so I am self employed through my single member llc.
Question 1, should I be paying ss, Medicare, and other taxes as I pay myself or just keep 30% of income in the business savings account until tax time?
Question 2, since I get tipped should I separate that from the business income and report that separately or just deposit it with the rest of the business money into my business account? From my understanding, if I track tips separately then I can take advantage of the "no federal tax on tips". I make anywhere from $20-70 in tips per day and work 7 days a week so it would be a significant amount.
Last question, for paying myself can I just write checks to myself or do I NEED an accounting software to do this?
I am going to talk with an accountant on Monday for more in depth stuff but any advice anyone can give me i appreciate.