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Few questions

Discussion in 'General Business' started by journeyoftheanimals, Aug 31, 2010.

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  1. #1
    Well I am trying to gather information about opening an on pet supply company. I will list my questions and you can answer all or just a few.

    Do you file taxes for you income. (I plan on it but just wondering)

    How often do you file? Monthly or yearly?

    Do you write anything off on your taxes? Like a new computer or anything?

    Do you do your own taxes or do you have someone else do it?

    I know there were more questions but I can not remember them right now. Plus i have been having a problem getting answers on here, so I will leave it here for now. I am not asking for any secrets to success here. Just some simple questions.
     
    journeyoftheanimals, Aug 31, 2010 IP
  2. UnBooked

    UnBooked Peon

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    #2
    You know, I've recently started a side project where I sell things online. I had some of the same questions as you. Still yet to receive a 100% for sure answer but here's what I've gathered.

    Yes you file taxes for your income, of course you do.
    You can file yearly, or you can talk with an accountant and figure out how to file 4 quarterly instead.
    Yes you write off all of your business expenses for taxes. A new computer would only be written off if it was used 100% for business. No viewing personal sites, no chatting with your girlfriend on AIM, none of that. Business expenses that are written off must be solely business. Example: You spend $150 to buy a product. You sell that product for $180. You write off $150 as expenses, $180 as income. $30 reported for taxes.
    You can do your own taxes, or you can hire an accountant.

    A lot of this depends on where you live as well. PM me if you have anymore questions. Also, if you would, I'd love if you would PM me and we can discuss things together. I'm planning to sell things online myself, and I work for an SEO company so I have a lot of experience with the field. This is just a side venture for me. Perhaps we could collaborate.
     
    UnBooked, Aug 31, 2010 IP
  3. journeyoftheanimals

    journeyoftheanimals Well-Known Member

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    #3
    Wow, someone who is willing to talk? I have been having a horrible time trying to find anyone who is willing to share information. Seems like everyone thinks if they share information then I will come and steal all thier business or something. I will PM you next because I have tons of questions.
     
    journeyoftheanimals, Aug 31, 2010 IP