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|-   Entrepreneur Forum > Entrepreneur - Other Ways to Make Money > Home Based Business
+   Paying taxes for an e-commerce business		 0 Members and 1 Guest are viewing this topic.
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Author Topic: Paying taxes for an e-commerce business  (Read 635 times)
OfflineOzric
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notepad Jan 03, 2008, 09:36:48 PM #1
I'm new in e-commerce and just starting out, so I have some questions about paying taxes:

-- how do I pay taxes for the online business ?
-- do I need to give a receipt for each transaction ? Is an electronic receipt sufficient ?
-- Paypal gives an electronic receipt for online transactions, can I print them out an use them ?


If I  buy some services in online business sites and I don't receve a receipt. it is illegal ?

Can anyone help me with this ???
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OfflineDannielle
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notepad Jan 11, 2008, 02:15:33 AM #2
That is a good question. If my new blog takes off and I make money I'll have to think about this myself.
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notepad Jan 14, 2008, 02:46:42 AM #3
Is our business registered as an LLC or some form of incorporation or are you doing it by yourself under your own name ? 
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notepad Feb 25, 2008, 04:38:37 PM #4
Most businesses are required to pay their taxes quarterly in the US. If you are doing business without a legal entity like an LLC, sole propietership or INC, you will want to see an responsible acountant to set up a payment schedule and an account to hold tax funds.

I do suggest that if you are doing more than $5K in business a year online that you set up a legal entity to protect yourself and your assets from lawsuits.
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notepad Feb 25, 2008, 06:51:13 PM #5
Also wondering about that, have never thought about it before... hmm..
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notepad Mar 05, 2008, 04:49:38 PM #6
Quote from: GaryGyjax on Jan 14, 2008, 02:46:42 AM
Is our business registered as an LLC or some form of incorporation or are you doing it by yourself under your own name ? 

The business is just home-based now. I am the only one working on it. I don't have an LLC or an INC for my business but should I have one?

I'm only making on average of $300USD per month for now but how much until I need to switch to an LLC or INC and when to start paying taxes?
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notepad Mar 06, 2008, 10:20:01 PM #7
its not much maybe like 600 bucks or something. However, if I were you I wouldn't worry about how much you'll have to pay in taxes. If you can roll in the coin by making a successful business, you won't lose it all to taxes I promise.
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OfflineRichKid
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notepad Mar 08, 2008, 08:34:59 PM #8
As a minor under my parents' household, I heard there was a certain amount of money I can make before I have to pay taxes. Is that true? I really want to know this number so I dont go over it. I'm part owner of a photography business and sales can increase dramatically if we put forth the extra effort.

Have you heard about this? My dad's accountant was talking about it.
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notepad Apr 02, 2008, 10:27:28 PM #9
RichKid, this link may be of interest to you

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