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Old 10-14-2009, 11:16
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Join Date: Jun 2009
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Default Question about taxes

Hello! I was told by someone that if you are a small business you have to make 5,000 before you HAVE to file taxes. Is this correct? If not, do you pay taxes on anything that you make? Even if it is just $100? I have just started my business so I am trying to figure it all out. Thanks soo much!!
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Old 10-14-2009, 11:20
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Location: Long Island, New York
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Default Re: Question about taxes

I just started my business too and would love to know the answer as well.
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Old 10-14-2009, 01:25
Serenahlove's Avatar
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Join Date: Apr 2009
Location: Corpus Christi Tx
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Default Re: Question about taxes

Me too I sold about $400 buck since june do I need to fill this? will i get anything back? or do i have to pay back ?
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Old 10-14-2009, 02:47
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Location: TX
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Default Re: Question about taxes

Anthing you earn (income) should be reported. Depending on your filing status (single, married, Head of Household) You may not owe federal income tax but earnings of $400 or more are subject to self employment tax which is 15.3%. Remember the taxable portion is your net earnings - after expenses are deducted. Here is a link to irs website:
http://www.irs.gov/businesses/small/...=98846,00.html. If any of you guys have any questions I worked for an accountant doing taxes & bookkeeping for 5 years - feel free to email me with ?'s.
[email protected]
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Old 12-09-2009, 11:15
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Default Re: Question about taxes

I just emailed you some questions. Thanks for being available!
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Old 12-09-2009, 03:43
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Default Re: Question about taxes

I dont do taxes. I was told that in my state(SD) you dont need a tax id for online sales, I dont really make that much, I am only part time. I have started to pick up in sales lately so it is something I need to think about.

From what I understand it is still considered a craft and does not require that I pay taxes, if I remember right when I called the SD treasury office she told me it was if I made over a certain amount that I needed an ID #, but this was craft shows and the money I get from craft shows is only taxable if I make over X amount of dollars per year or if the particular show I am doing requires that I collect tax. As is right now I only plan on doing 1-3 shows a year, two are small ($200 or less) and the big one I made just over $1000.

Krista
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Old 12-09-2009, 03:48
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Join Date: Jan 2008
Location: Valley Springs, Ca.
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Default Re: Question about taxes

In California, if you make $1- you better believe the taxman is coming!
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Old 12-09-2009, 08:58
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Location: Alexandria, Louisiana
Posts: 588
Default Re: Question about taxes

Quote:
Originally Posted by lorenasbowtique View Post
Anthing you earn (income) should be reported. Depending on your filing status (single, married, Head of Household) You may not owe federal income tax but earnings of $400 or more are subject to self employment tax which is 15.3%. Remember the taxable portion is your net earnings - after expenses are deducted. Here is a link to irs website:
http://www.irs.gov/businesses/small/...=98846,00.html. If any of you guys have any questions I worked for an accountant doing taxes & bookkeeping for 5 years - feel free to email me with ?'s.
[email protected]
I agree. I have an accountant and I was told anything over $400 needs to be reported. I also have to collect 9% sales tax, (4% parish + 5% state), for sales within my parish and 5% for sales outside my parish. But, if I sell anything outside the state I don't charge sales tax.
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Old 12-09-2009, 09:38
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Default Re: Question about taxes

i know that i have to go online quarterly and file. if i have out of state sales they do not have to pay sales tax. the way i understood it does not matter how much it has to be reported. if i did not sell anything i still have to file 0.
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Old 12-09-2009, 10:20
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Join Date: Mar 2009
Location: Central, FL
Posts: 347
Default Re: Question about taxes

I'm sure there are people who know alot more about this than me, but sales tax is completely different than income tax. I think if your state requires you to charge sales tax, you are required to file and pay with the state, no matter what your income. Any income earned over $400.00, after expenses, should be reported in your income tax.
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