Question
Where do I go for information on taxes and small business?
I tried the IRS website but it was too confusing and I didn't really know WHEN I was suppose to start paying taxes. Let's say I start an online business tomorrow selling a book, when do I start paying taxes? I had a business when I was 16 but wasn't really built up properly (especially because of my age), I made $9,000-$12,000 a month- Gross, about $6,000-$9,000 profit and that's how much I expect to make if not better since the part I enjoy the most is growing the business. I only had that business for about 3 months. I want to start, and pay taxes, and I don't know where to turn to to do everything right. Any help, info, and advice would be LOVED. If it matters I just turned 19. Thanks for any help and advice!!!
1 month ago - 1 answers
Best Answer
Chosen by Asker
You should consult a local CPA to guide you on this. Tax on personal income, you file at the end of the year like normal. As for sales tax generally it depends on the state, but you pay by some period throughout the year. Also, I strongly recommend incorporating as an LLC or an S-Corp. It has major tax benefits and helps protect your personal assets in case your business creates some financial liability. What state are you located in?
by Jestep
1 month ago
Asker's Rating: 