Your Questions About Doing Business Online Taxes

Jere answers:

If you ship there, no. If you go there, yes.

Jere answers:

There isn’t enough information to answer the question.

What kind of business entity do you have?

Is it a LLC or Corporation? If so what type? Is it a C Corporation or a S Corporation? Is it a single person LLC or multiple owners? Is it a partnership or is it just a Sole Proprietor?

Without knowing what type of business entity you have nobody can give you a reasonable answer.

Jere answers:

You pay federal income taxes (and state if applicable) on the net income you make.

You calculate that by taking the Gross Income you get and deducting all your expenese and costs of the products.

If you are making money then you owe taxes.

You should probably get some advice from a competent tax advisor.

Jere answers:

Brittney,

All of those questions are very valid. You will have to pay corporate/LLC taxes every year. In order to get a tax ID number you must incorporate your business (which will cover your license for your business as well), there are many ways to do it but our company works closely with a great company that has low prices on their incorporation fees. You can reach me at sales@firstbankcardprocessing.com for more information. We are out of Chicago, IL and we are a credit card processing company, we can help you out with accepting credit cards online as well so you can get your business up and running and accepting online payments.

Jere answers:

Using turbo tax will walk you through the expenses. If you are scared, then go to a tax preparer/CPA firm (not H&R block). The main categories you will have will be office supplies, cost of goods sold (stuff you sold), internet fees, shipping, etc. It may seem daunting, but sit and go through your expenses and classify by type.