Your Questions About Doing Business Online Taxes
George asks…
How do taxes work for online business?
What all taxes must I pay if I have an online business that provides a service. (Im not selling anything physical) I am my only employee…. thanks
Jere answers:
All companies, whether operated online or offline, are responsible for paying taxes. Income taxes, employment taxes, and payroll taxes are all required to be paid by any business, regardless of where they operate. There are no loopholes that allow online businesses to avoid paying the federally required taxes. If a business fails to pay their taxes, there will be penalties, fines, and possiblity of jail.
Robert asks…
How do I add previous estimated quarterly payments (1040ez) while filing taxes via Turbo Tax Home & Business?
While I am doing my taxes using Turbo Tax (Home & Business online) how do I get it to factor in my previous estimated quarterly payments? It looks like the Federal Tax Due and MA Tax Due reflect the amount due before taking into account that I paid for previous quarters. Does it do it automatically? If not, where exactly do I input that info? Thanks!
Jere answers:
Just follow the interview and it will ask you.
William asks…
taxes for online business in ?
the plan is to make 100,000 a month and give 75 thousand away to somebody. would I need to claim the entire 100,000 in my taxes or just the 25,000? or do taxes even need to be claimed for a nonbusiness. the business is web based. sorry for nubile punctuation, I blame my phone.
so a claimed 25k as income would have how much taken out from taxes.
Jere answers:
Profits are always taxed.
If donating to a qualifying non-profit organization, you may be able to deduct some or all of the donation on your taxes, but if you just give it as a gift, then no deduction. And the recipient may need to pay tax on such a sizeable gift, in that case, also.
If you’re making money, it’s a business. Web-based or not, it’s still a business. The web is also not exempt from tax; if you’re selling online, sales tax may apply (at least in the state you are in).
John asks…
Is there an Online Business tax?
If I run a small online business selling only one kind of product, do I have to pay taxes on the money I make?
Jere answers:
Sure you will report it on Sch C and possibly have SE tax to pay, Sch SE, which is approx 15.3% of your sch c ‘net’
Mary asks…
Do I have to pay taxes in starting an online business?
I’m 16, and I want to start my online business, but I want to get all the legal stuff out of the way. Whats the deal with taxes and do I need a business license of some sort?
Jere answers:
Yes u do need to pay taxes on your income from your oline business. Most companies require u fill out a W9 form before they start paying you.
You don’t need a business license
Jan Roos
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