What to know about taxes regarding small businesses.?

Question

I'm running several small businesses online. I'm 20 and I'd like to know what I should know about taxes and what things I should be keeping track of. I want to know more about all of the different forms as well (i.e. W2, etc. etc.) Thank you!

Answer 1

You will want to go to www.irs. gov and look at Publication 15 Circular E, Publication 334 Tax Guide for Small Business, Publication 587 Business Use of your Home, Publication 583 Starting a Business and Keeping Records and Publication 463 Travel, Entertainment, Gift and Car Expenses.

You will also want to check your state website for state reuirements - each state is different.  If you make your business a legal entity, you will have to do that with your state.  You will also want to check the sales tax requirements for each state you do business in.  With on-line businesses, the requirements are changing all the time as more and more states move into the electronic age and require out of state businesses to deal with their state sales tax.