Hello.
I started a website about 6 months ago and it's starting to see some decent traffic. I'm going to start accepting some advertising on it which will produce a comfortable amount of income. Here's where the topic comes into play. I've never filed taxes before, I'm only[19], but when I do offer these services of advertisement I want to know how I can go about when it comes to taxes. I don't want to have a lot of money and go spend it, then when tax time comes have the IRS knocking on the door saying I owe them $10,000 in taxes and not having a cent. I've read that it's good to pay quartely taxes, that way it doesn't all cumalate in the end of the year to be a large amount. I was wondering if anyone out there has advice, tips, knowledge on anything I can do in order to stay legit and not find myself in a bind. Someone told me to form an incorporated business and keep all receipts of transactions that I make, for tax reasons; also I heard something about a DBA, but not really clear on that. Is there a certain percent that the gov. takes from you(I heard somewheres that it could be as high as 30%, but don't know if it's true)? I was wondering if there is a list or web-site that states all the deductions I can make when file taxes as self-employed. Also does anyone know of any good books that help people like me with no tax kowledge what so ever to get them on the right track? I'm looking for any advice or anything you can port to this, because this is a BIG topic for me and I really want to understand it as well as I can. I read through the messages and realized that Ken seams to be pretty knowledgable in this field. I was wondering if you could referr me to any good books/websites, anything that could help me out.
Thank You.
Sorry I didn't get back to you earlier. My oversight.
quote:
I'm looking for any advice or anything you can port to this, because this is a BIG topic for me and I really want to understand it as well as I can. I read through the messages and realized that Ken seams to be pretty knowledgable in this field. I was wondering if you could referr me to any good books/websites, anything that could help me out.
1. Select a business structure (type of company..corp, LLC etc)
2. Small Business Startup Kit
3. How to Get Your Business Tax Number Registered (EIN)
4. Your Tax Year, Accounting Method, Keeping Records
5. Types of Federal Business Taxes
6. Checklist for starting a business and other stuffs
I was wondering if there is a list or web-site that states all the deductions I can make when file taxes as self-employed. Also does anyone know of any good books that help people like me with no tax kowledge what so ever to get them on the right track?
If you read the above websites and this book of simplified version and still confused, go let your fingers do the walking and look in the yellow pages for a good tax accountant to save you some MORE taxes. It's your next best investment and will keep you out of trouble with the law.
07-02-2004 05:20 PM
If you read the above websites and this book of simplified version and still confused, go let your fingers do the walking and look in the yellow pages for a good tax accountant to save you some MORE taxes. It's your next best investment and will keep you out of trouble with the law.
