Your Questions About How To Do Business Taxes Online

Jere answers:

Presuming you are talking about sales tax: Add the tax rate to the sales price and collect both. Make sure you keep the sales tax money separate and file the appropriate sales tax returns with your state tax agency.

Jere answers:

Hi, i’m 14 and have an online business. And yes, you are too young for all the legal stuff. I had my parent do all the legal steps: #1 Register you business at town hall, #2 have your parent create a business bank account, #3 make a paypal account. As far as i know you have to pay for a domain name. I created my website on google: http://sites.google.com/site/minkmelainestudios/ and webs in also good. Hope i helped 🙂

please answer my question: http://answers.yahoo.com/question/index;_ylt=AtvPbPWQig1T.ADKw5vNaAfsy6IX;_ylv=3?qid=20090906200651AAK62jM

Jere answers:

If you are filing business taxes as a partner in a partnership or member of a multiple-member LLC (which is taxed as a partnership), you will use Form K-1 to determine the net income of your business. Form K-1 information is obtained from the partnership tax return (Form 1065) which was previously completed and filed separately with the IRS. No taxes are paid on Form 1065; it is only an information return.

Schedule K-1 includes several pieces of information which must be included in the correct place on Schedule E – Supplemental Income and Loss. Then the total Schedule E information is entered onto your personal Form 1040 on Line 17. It’s best to have a tax preparer help you with this work, or to use a tax software program that will allow you to enter the information on a blank K-1 and have the information automatically placed in the correct section of your 1040.

Including Business Income in Schedule SE
Your business income is used to determine your self-employment taxes (Social Security/Medicare for self-employed). You must insert the information on your net income from Schedule C and your share of partnership income from Schedule K-1 on Schedule SE, to calculate your self-employment tax liability.

Jere answers:

Some costs of starting a business are IRC sec. 197 expenses and must be amortized over 60 months as start up costs (vs. Currently deductible) but you need to make the election on your return. You need to file a 1120-S whether you make money or not and the net flows to your 1040. I would recommend that you need to file your 1040 whether you owe any money or not because you start the 3 year audit clock running. If you don’t file, the clock doesn’t start.

Jere answers:

If you are a sole proprietor (self-employed), the answer is no. You file only your personal tax return and include everything on it – wages (W-2s), self-employment income, etc.