Your Questions About How To Do Business Taxes Online
Susan asks…
How to file business and personal taxes jointly online?
I own a small business that is seasonal and I operate during the summer. During the winter I work a seasonal hourly job.What process should I use to I file taxes jointly online? What is the best service to use to use to do this in terms of ease of use and cost? I would like to get the maximum refund on my personal taxes while citing deductions from my small business.
Jere answers:
Is your business a sole proprietorship? If so, then you are self-employed in addition to your seasonal hourly job. There is no separate “business return.” Everything goes on your 1040 plus required schedules.
Carol asks…
Do the state and local sales taxes have to be the same number?
I am filing my retail business taxes online with the department of revenue and I figured out how much I made for the quarter so do I just put that same number into the state and local sales columns? I don’t understand, I know they are supposed to equal eachother out but is there a certain way to figure each of them out differently to where you get the same number or do you just add up everything you made for the quarter and put that number into both the state and local sales taxes, which is what I was going to do?
Jere answers:
Are you aware that there are 50 states in the US? Of them, 45 have a sales tax. Http://en.wikipedia.org/wiki/Sales_taxes_in_the_United_States
Providing the state and local government names would be helpful. Also, the form number would help.
I hope this helps.
Gary
Nancy asks…
do i have to charge taxes for small business online?
i’m only sixteen, my mom and i are working on an online business,
we would sell beaded jewelry, tote bags and such that we handcraft.
i would use the paypal system for orders
would i need to charge sales tax?, if so, how do i know how much to charge?
are there any other legal issues that i should know before starting this business?
i was also thinking about accepting donations… all profit made through the website will go towards my college education.
thank you(:
i do not have a store, office, or anything of that sort, its just a home business, in CA… i dont have any employees or anything.
would i still have to charge taxes?
Jere answers:
If you start making over $5000 a year then I would look into taxes and such. If you start making money and you want to right off the cost of your business then you will have to. Depending also were you live you will also have to get a permit to sell in your state and then a Business license and tax ID from the Gov. There are places on line – google it
http://www.irs.gov/businesses/small/index.html
Cheers,
http://www.Cornerflowerbeadstand.com
Sandy asks…
What is the best place to incorporate an online business that has 1 to 3 employees? I don’t like taxes!?
I am creating an online business. It looks like Wyoming or Nevada will be the best places to incorporate. I don’t know how much difference either will make. I want to pay as little in taxes as possible and have as little paperwork as possible and as few reports to the state as possible. Does anyone know the place to incorporate where all these ‘wants’ would be fulfilled?
Jere answers:
~~When we were checking it out Nevada was the cheapest as far as corporate taxes.
However where your employees live will determine what payroll taxes must be paid.
Here are my recommendations. For incorporating we used and loved www.smallbiz.com They have all states available and have live help via phone if you have questions. It was 1/4 the cost of anywhere I checked into, and I can’t believe how smooth and easy the paperwork went.
Check out www.intuit.com This company has payroll options available, for any state, all automated ,and many other features that will help with what you want. Both reputable companies, and you et your monies worth! This is the QuickBooks Company.
Good luck in your endeavor!~~
Donald asks…
How do I set up taxes for an online retail business?
Hi I’m currently in the process of starting an online retail business targeted at selling popular technology items to students at a local university. I will not have a physical store, as the items will be delivered directly to the student housing. However as I look for information about taxes, there doesn’t seem to be much information about taxation and certificates needed for online businesses. Since I’m selling stuff, I will need to charge sales tax. That makes me think I need to register the business as if it were an actual store. I’m just really confused about what forms and certificates I need to get to operate an online retail business. Any help would be appreciated. I’m located in Indiana if that helps at all.
Jere answers:
For sales tax issues, you need to contact the Secretary of State or Department of Revenue in the State you live in. They can tell you what types of certifications you may need and how to report your sales tax. As far as the IRS goes, you need to estimate what you think you annual earnings will be and make quarterly estimated tax payments. Whatever you do, keep excellent records of your income and expenses. Visit www.irs.gov for more details on estimated tax payments and small business help.
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