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-> Inquiries & Offers
stem
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 Thu, Jan 12 2006, 10:03 pm
I am starting a homebased business selling disposable kitchen items. The thing is, I have no idea how the "system" works regarding charging sales tax, who do I give that money to? how often?
Also, I am not sure if I should register as an official business. What would be the benefit of doing so, as apposed to just selling without it. Obviously, I am planning on reporting my income to the IRS either way.
Could anyone with experience shed some light on this new world of business? I'd love to PM someone who does.
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Mommy912
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Fri, Jan 13 2006, 8:47 am
The answers to these questions depend on where you live. In New York: you need to register your business officially (at the county clerks ofice) - you can start by doing a sole proprietorship - which means that you file taxes as part of your personal income tax return. The next step up is a LLC (limited liability company) where returns can be filed either with your personal return or as a business return. To collect sales tax you have to file for a certificate. Check out http://www.tax.state.ny.us/. I strongly suggest consulting with an accountant for these issues - you do not want to get in trouble with the IRS.
Good Luck - it is so exciting!
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happyone
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Fri, Jan 13 2006, 10:27 am
I have an accountant that has guided me in setting up my business and how to legalize it. He also runs the whole bookeeping aspect of it so I can concentrate my efforts on my business.
I also had to register at the county clerk, make sure my business name wasnt registered for another business already etc... not an expensive and lengthy process. they mailed me a tax ID number and certificate of business.
the rest the accnt handles, he tells me when and how much to send in for taxes etc..
hatzlocha on your new business.
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