Thanks: 0
Likes: 0
Dislikes: 0
-
Super Member
Re: Setting up a business/ the hoops to do so
If you do not have any employees and you are not retailing any products then you do not need an EIN. No EIN no need to pay quarterly taxes. If it something on the side it is best to keep it simple. Your accountant can help you file taxes at the end of the year.
-
Super Member
Re: Setting up a business/ the hoops to do so
-
Super Member
Re: Setting up a business/ the hoops to do so
You have to file taxes quarterly in most states need to check that before hand in Washington you have to. You will need to register with the state and city your in and they will make you pay quarterly taxes. My city lets you pay yearly if you make under 20k a year. The state and city taxes are paid separate.
-
Super Member
Re: Setting up a business/ the hoops to do so
Originally Posted by Pureshine
You have to file taxes quarterly in most states need to check that before hand in Washington you have to. You will need to register with the state and city your in and they will make you pay quarterly taxes. My city lets you pay yearly if you make under 20k a year. The state and city taxes are paid separate.
You pay city tax? Is that a business tax or a personal income tax? the only city tax we pay in MA is property tax.
-
Super Member
Re: Setting up a business/ the hoops to do so
We pay BO tax quarterly if you make over 5k a month and yearly if you make under 20k. If your not paying city or state BO tax you might want to check that.
-
Super Member
Re: Setting up a business/ the hoops to do so
Originally Posted by rustytruck
If you do not have any employees and you are not retailing any products then you do not need an EIN. No EIN no need to pay quarterly taxes. If it something on the side it is best to keep it simple. Your accountant can help you file taxes at the end of the year.
Agree about no need for sole proprietor to have an EIN without employees, but differ from the above with regard to quarterly estimated taxes. As with most things government related, unfortunately its not that simple. For Fed Income Tax, there is a formula for whether or not you have to pay quarterly estimated taxes as a sole proprietor, with, of course, an IRS form with flow chart and examples to make the determination. See IRS form 1040-ES, and Publication 505. Whether or not OP is a W-2 employee somewhere else in addition to his detailing business will also impact the analysis (and can make it much more simple actually). I am not giving tax advice here by any means since its a complicated subject and we may be getting far afield of what the OP was asking. State income or use taxes, and local level taxes, if any, are completely separate and only a local tax professional can address that.
Best advice for everyone self employed - keep accurate track of all income and expenses, and have an accountant do your taxes. And buy insurance...always.
-
Super Member
Here in Alabama, we pay a license fee and sales tax. If you are not selling products, you have no sales tax. The business license is reasonable and insurance is variable depending on the coverage you get. Income tax obviously depends on how much you make and how much increase the democrats can extract from the working folk.
-
Super Member
Re: Setting up a business/ the hoops to do so
The Op stated he works full time in management at a body shop. Each week when he gets a paycheck he would have tax withholding taken out of his paycheck. That means uncle SAM would be getting some of his money weekly,he would not then send them more money quarterly. At the end of the year he would file taxes and claim "other income" from detailing. If he makes 50k at the body shop and grosses 12k detailing but has 7k in expenses the he would pay taxes on 55k.
I think it starts to get more complex the bigger you get. As long as it is a part time gig for extra money/hobby then you can keep it simple.
-
Super Member
Re: Setting up a business/ the hoops to do so
[QUOTE=Robert8194;803212]Here in Alabama, we pay a license fee and sales tax. If you are not selling products, you have no sales tax. The business license is reasonable and insurance is variable depending on the coverage you get. Income tax obviously depends on how much you make and how much increase the democrats can extract from the working folk.[/QUOTI
I'm starting a business in March, went to the lic office in Pelham and I was surprised that I didn't need a state lic. They informed I only need a city license since I will be mobile. Robert8194 what is the name of your business? I see we are neighbors, nice to see someone else with our passion.
-
Re: Setting up a business/ the hoops to do so
You may want to contact your states' Sec of State. Some (if not most) states will have information about 'starting and running a business in XYZ State'. Just do a 'Google' (love how a noun can become a verb) for your state's various web sites.
Bill
Similar Threads
-
By brondondolon in forum How to make money detailing cars
Replies: 8
Last Post: 04-03-2014, 07:08 PM
-
By masterdetail in forum Auto Detailing 101
Replies: 3
Last Post: 01-27-2012, 12:18 AM
-
By Jimmie in forum Porter Cable 7424XP Dual Action Orbital Polisher
Replies: 8
Last Post: 06-18-2011, 09:49 PM
-
By weeble in forum Wolfgang Car Care
Replies: 8
Last Post: 10-06-2009, 05:28 PM
-
By Mike T in forum Porter Cable 7424XP Dual Action Orbital Polisher
Replies: 3
Last Post: 06-15-2006, 06:47 PM
Members who have read this thread: 0
There are no members to list at the moment.
Posting Permissions
- You may not post new threads
- You may not post replies
- You may not post attachments
- You may not edit your posts
-
Forum Rules
|
S |
M |
T |
W |
T |
F |
S |
31 |
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
9
|
10
|
11
|
12
|
13
|
14
|
15
|
16
|
17
|
18
|
19
|
20
|
21
|
22
|
23
|
24
|
25
|
26
|
27
|
28
|
29
|
30
| 1 | 2 | 3 | 4 |
|
Bookmarks