Best answer:

Answer by Jessica R
you could put your items on ebay! or use FACEBOOK:) Around my area where I live they have different ‘yard sale’ type a groups and you can post pics of items you have and spread the word about your own business!!! it really does work! I make and sell tamales on there and around my town:) good luck:))))

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I am running a small Business that is fully paid by a European company and I’m wondering if i’m paying taxes on the Gross Income? Or only only on the Profits
Ex: my small business is paid 10,000 USD out of which I pay for my overhead of say 9,000 USD making my profit of 1,000 USD. So do I pay taxes on the 10K or only on the 1K?

Do I need to pay any tax or collect any tax for any of my contractors? I imagine not, since by definition, contractors report their own taxes.

Best answer:

Answer by Jennifer
You pay taxes on the 1k, but you will need to list the 10k as gross income, then deduct the 9k. Your tax preparer will be able to sort this out easily. Regarding collecting taxes for your contractors, you are correct, you will not need to collect taxes for them, but you will need to send a 1099 form at the end of the year.

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Best answer:

Answer by Bizowner
The first step is to file nonprofit articles of incorporation with the proper state agency, making sure to include the required clauses to ensure your nonprofit will later qualify for tax-exempt status. In some states, you may need additional approvals from specific state departments. In New York, for example, several state agencies must approve of the business purpose of the nonprofit. This requires additional time and fees.

Then, you must apply for tax-exempt status with the IRS, completing Form 1023, which can be a lengthy process. In addition, a few states also require some paperwork to be filed in order to receive tax-exempt status; check with local authorities.

Because the nonprofit is a corporation, it must comply with all the usual corporate formalities–holding annual meetings of directors and members, adopting bylaws, recording of the meetings minutes. It also needs to acquire a federal tax ID number from the IRS by filing Form SS-4. Some states may require a state tax identification number; check with local taxing authorities.

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Best answer:

Answer by acmeraven
It will make your life quite a bit simpler and avoid several layers of confusion.

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Best answer:

Answer by Kev
the princes trust is for 16 to 25 year olds.

They will be really helpful trust me. check them out:-

http://www.princes-trust.org.uk/need_help/courses.aspx

give them a ring and get on a course.

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Best answer:

Answer by EVPJTX
The main reason to incorporate is to protect yourself and your personal assets from liabilities. Janatorial business has its fair share of liabilities in case a client claims something is stolen or broken and the replacement or defense costs exceed your insurance. Also, if the business suddenly loses money (i.e. you or your wife suffer sudden health problems and can’t work, etc. – a factor to consider at age 62)- your personal money will be protected from being used to collect the business debts. This is valuable to you in your older age as losing personal assets because of a busines event at 62 may be difficult to recover from, especially if the loss is because of the failing health of you or your spouse. But, you are right, the downside is you and your son will have to pay corporate taxes so you will pay more to Uncle Sam by incorporating. There may be a way to structure your business as a “partnership” with your son whereby you are not entitled to the profits, you recieve a salary, without incorporating and paying the double tax. Check with a business law attorney to find out how that would take place. Otherwise, I favor the LLC option.

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Best answer:

Answer by Glauxen
1.No money
2.Dream of mine
3.Little Coffee shop

i have no confidence in your business but you can go to a bank or an investor for the money.

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Best answer:

Answer by cblrdy
Figure out a name, go to the town hall and get a business license, find affordable insurance that covers whatever your landlord requires. Nothing complicated at all. Just remember to do your state and federal taxes on time. A quick books program can cover all of your paperwork needs, learn it well and it will serve you well and remember to back it up. Other than that you’re all set except for the part where you need to bring in customers, so make your appearance something you would walk in to.

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Best answer:

Answer by Charlie & Angie G
As a partner you are not subject to withholding and must pay estimated taxes.

Without getting too technical you should put away 15.3% for social security taxes. You could then will out a W4 for your self and use the tables in pub 15 to figure the proper amount of tax to put back. This method will work well if your self employment income is your only income. If it isn’t you should use the method in the 1040ES.

If at the end of the year you are subject to estimated taxes you must pay them at least quarterly, however you can pay more often such as monthly.

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What accounting software would you recommend I choose (Quickbooks, Peachtree, etc.)

Thanks!

Best answer:

Answer by Wayne Z
I like QuickBooks.

It is not perfect (nothing is) but it gets the job done.

I use it every day.

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