Question by Paige: Small business taxes question?
say i start a small business. and say i make about $ 600 a month give or take? is this something i have to pay taxes for? where i do get more information about taxes for this kind of income? also, if i start this small business (grooming) do i still need to have a “liscence” or be registered, or something of the sorts?
(I will not be setting up a place of business. I will be going to peoples homes on an individual basis. i will not be buying a grooming van. This will be a completely individual thing.)
Answer by indiana_crank
As for the taxes, yes, it’s income, so it’s taxed. The rate and method and paperwork depends on whether you incorporate, do an LLC, or act on your own (sole proprietorship). Incorporating will add massive paperwork but also act as protection in case you get sued. Probably not worth it.
Whether you need a license depends on where you live. Here, no.
Also, check with your car insurance to make sure you’re covered if you use your vehicle for business.
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