Archive for the ‘Do I have to pay taxes’ Category
Do you still have to pay taxes on a small business that made no profit?
hotdish82 asked:
If you purchase a tax id number for a small business but the small business never gets started and makes no profit, do you still have to pay taxes on the small business?
SBTI Response: First of all, tax id numbers are free from the IRS. You don’t have to purchase them. Secondly, if your business had no profit, you do not have to pay taxes. You only pay taxes on the business’ profit.
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Small business taxes question?
If I start a small business and make about $600 a month, Is this something i have to pay taxes for? Where i do get more information about taxes for this kind of income?
Larisa’s Response: When you are in business, you pay taxes only on the profit you make from the business. This means, you subtract your expenses from the amount of income you made and pay taxes on the remainder. You can get more information about small business taxes in my ebook, “Pay Yourself Instead of Uncle Sam”.