posted on December 19, 2000 10:57:24 AM new
Just wondering what infinite wisdom everyone has about starting an on-line business?
Mainly, what would I need to do as far as tax purposes go (I don't want to rip off Uncle Sam, he'll come after me!)
I have read things about tax numbers, but I can't seem to find any papers I need to submit or anything...I am in Michigan if that helps...
Any help would be greatly appreciated!!!
posted on December 19, 2000 11:11:03 AM new
You need to see an accountant. No one here can tell you exactly what you need to do regarding starting a business and how to handle the taxes, paperwork, etc.
posted on December 19, 2000 11:14:34 AM new
What about buying wholesale for the purposes of reselling on ebay?
I noticed that many wholesale sites require a tax ID number...
Would I need to report any money I make on reselling on ebay?
posted on December 19, 2000 11:15:43 AM new
Call your local Small Business Admin. If you can't find the number call the city or state business license department, they can point you in the right direction.
There's always:
http://www.sba.gov/
and
http://www.smartbiz.com/
and
I always get inspired by
http://www.sb2000.com/
posted on December 19, 2000 11:17:13 AM new
Yes, what Capriole said. You need to get licensed by your state department of revenue, and the Small Business Administration can help you with the information you need to get started.
posted on December 19, 2000 11:23:50 AM new
I just did this in Virginia. At the minimum, talk to your county or city office of taxation, they will give you the step-by-step to getting a business license. Then talk to the state tax office about tax ID numbers, filing sales taxes, estimated income taxes.
I tried to get our accountant to give me some guidance but he didn't return my calls, so I've been doing a lot of the legwork myself.
posted on December 19, 2000 01:49:30 PM new
Would I need to do any of this if I am just selling on eBay ?
I know there are a lot of sellers reading these boards, do any of you have to do anything for the government as far as taxes go?
Or can you buy and sell as you please, and keep it all for yourself?
posted on December 19, 2000 02:00:59 PM new
I've reported everything I've made to the government. It IS income, isn't it? The legal thing to do is report it as income.
posted on December 19, 2000 03:04:46 PM new
I pay taxes on every cent I earn, regardless of where I earn it.
That's the law, and like it or not, that's the way it is.
I think that any scoflaw who DON'T pay taxes on their ebay sales, regardless of if they sell one item a year, or a warehouse full, should be held accountable.
It's tough being a legitimate business, and having to pay taxes when there are cutthroat tax dodgers out there on ebay who can sell items for less, because they think they are above the law, and cheat on their taxes.
The worst part is, many of them do not even think it's wrong.
posted on December 19, 2000 04:26:02 PM new
Call a bookstore and order "How to Start a Business in Michigan." The ISBN number is
1-57071-407-X. It's part of a very helpful series of books written by lawyers and published by Sphinx Publishing. It should run about $16.95.
These books have all the basics, specific to each state, of starting a business -- state and federal licensing, basic tax info, etc.
