I would like to take the first step into starting my own business. I don't want to do anything too massive. Basically, I am thinking about starting a business making and selling candles. I want to sell these products online, but I am confused about the process. Here is what I know:-I would have to create an LLC for this. I was going to go through Legal Zoom to get this all processed.-I would have to charge and remit sales tax.Here is where I am confused (here are some scenarios):Scenario 1 - I register my business, but I decide to not go through with it. Will I be taxed for registering my business? Will the IRS come after me for having a registered business and not using it?Scenario 2 - I register my business, make sales and after a few months I decide it's not for me. I know I will have to pay taxes the income I made during those few months... but will the IRS come after me for keeping my business registered even though I am no longer using it? I guess this is just an extended question for scenario 1.Scenario 3 - Tax season has arrived, and I have successfully completed my first year as a business owner. How exactly do I remit the sales tax? How is sales tax factored into paying regular taxes? see hubwealthy.com/wealthy
0 comments:
Post a Comment