Tax profile
Your entity type, accounting method, home state, fiscal year and nexus states. Most tax behavior in the app keys off it.
In Solo Superstars
Under Settings › Tax profile. Saving it can add accounts your entity type needs (Member Distributions for a multi-member LLC, Prepaid Income Tax for a C corporation) and switches on state sales-tax rates for the states you name.
Example
Sole proprietor · cash basis · home state CA · fiscal year Jan 1 · nexus CA, NY.
Codes shown are the defaults a new workspace starts with. Yours may be renamed or renumbered — check Accounting › Chart of accounts. See the full default chart.
Also called
- tax settings
Related
- Entity type — How your business is set up for tax: sole proprietor, single- or multi-member LLC, S corporation, C corporation. It decides which equity accounts and forms you get.
- Accounting method — Cash or accrual: the basis your business files its tax return on. Set in the tax profile, separately from how reports open by default.
- Home state — The state your business is based in. Drives your default sales-tax rate and which state forms the tax calendar shows.
- Sales tax nexus — A state where you have enough presence or sales that you must collect its sales tax. Set your nexus states and rates apply automatically.
- Fiscal year — The twelve months your books are measured over. Most solo businesses use the calendar year.