Comments on: I’m going to start a internet business do i have to pay taxes?

By: crazylady97

crazylady97 — Mon, 08 Mar 2010 00:46:59 +0000

Go to your local small business office in your town. They usually offer free classes and have free computer programs that offer this information to you.
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By: rikena

rikena — Mon, 08 Mar 2010 00:27:59 +0000

Not yet – at least to the Feds.
But your q is too broad. Of course you have to pay taxes on business – be it local, state, ’sin’, excise tax
Are you talking income or sales. Always there’s sales taxes.
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By: Jimbo

Jimbo — Sun, 07 Mar 2010 23:58:59 +0000

Most states at this point do not require you to collect sales tax for them on sales to residents of their state if you do not have a connection ("nexus") in that state. If you are a fellow Texan and operate as a sole proprietor there is no state income tax, but if you operate as a corporation, LLC, or partnership registered with the state, the recent changes in the state franchise tax may catch you. You would have to report business income in any case on your federal return. You may have to pay local taxes on property and inventory used in the business in Texas, but if you are operating out of your house on a modest scale you probably will not come to the attention of the appraisal district. As an additional note in Texas, if you are operating in a subdivision with deed restrictions, you can have problems with your homeowner association when operating a business out of your home if it generates additional traffic or otherwise is considered to detract from the neighborhood.
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By: James E

James E — Sun, 07 Mar 2010 23:17:59 +0000

If you make a profit you will have to pay federal income taxes on the earnings, subject to the usual exemptions and personal deductions. Also if your income from the business exceeds a little over $400 will be subject to self-employment tax. If you make a profit and do not estimated quarterly payments for income tax and self-employment tax in a timely manner you may be subject to penalties for underpayment of taxes even you pay the taxes by the filing deadline.

You can download or order a copy of IRS Publication 334, Tax Guide for Small Business at the IRS website: http://www.irs.gov
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Professional tax preparer

By: goodtoyou36

goodtoyou36 — Sun, 07 Mar 2010 22:34:59 +0000

but what if you are selling information by e-mail.
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By: Mister Nice Guy

Mister Nice Guy — Sun, 07 Mar 2010 22:00:59 +0000

Yes. You make money, Uncle Sam wants to "wet his beak".
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By: ddarabaris

ddarabaris — Sun, 07 Mar 2010 21:31:59 +0000

You will still need to pay federal taxes, but may also have enough expenses from starting a new business that you may be in a loss for at least your first year. The best thing to do is to get a good cpa to do both your business and personal taxes. Remember too, if you charge sales tax for any merchandise then you will need to file that quarterly with your state…….
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By: Dream Builder

Dream Builder — Sun, 07 Mar 2010 21:08:59 +0000

I don’t know of anything that you would not have to pay taxes on.
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http://360.yahoo.com/dreambuildersonfire

By: Loss Leader

Loss Leader — Sun, 07 Mar 2010 20:32:59 +0000

If you have to pay income tax where you live, you have to pay tax for business done over the internet. And all US citizens have to pay federal income tax so all internet business is taxable at least at the federal level.
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