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Question from a newbie

by 3littlebirds
8 replies
Hello,

I'm wondering what everyone does about filing taxes/business ownership? I would think that I'm a Sole Proprietor unless my husband decides to do this also. I guess I'm wondering if that's the route I need to go? I've checked the irs.gov for information but I haven't really found anything about having an online business.

Any information would be a help!

Thanks!
#newbie #question
  • Profile picture of the author Craig Fenton
    Hi 3littlebirds:

    Welcome to the forum and best of luck with everything!

    Why not get that info from a trusted accountant that is aware of internet business rules and regulations so you do the right thing.
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    • Profile picture of the author Joe Stewart
      Originally Posted by Craig Fenton View Post

      Hi 3littlebirds:

      Welcome to the forum and best of luck with everything!

      Why not get that info from a trusted accountant that is aware of internet business rules and regulations so you do the right thing.
      I agree with Craig 100%! For goodness sakes, get professional advice where taxes are concerned. Call accountants in your area and ask them specifically how many clients they have that are internet/affiliate marketers.
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  • Profile picture of the author dwt
    You could also try contacting the SBA (small business administration) in your area. They would be able to direct you to the right people for all your small business needs.
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  • Profile picture of the author Spencer Haws
    You will be fine as a sole prop. Believe it or not, there are many businesses making hundreds of thousands a year that are still sole props. I would stick with a sole prop until you start making a few thousand dollars a month.
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    • Profile picture of the author DeePower
      There is more latitude with the IRS for deducting business expenses from your revenues if you are formally and legally set up as a business. There are various structures from llcs to C-Corp and S-corps. I'm not going to explain here because I'm not a lawyer.

      Your state will have certain regulations as well as far as licensing and what it requires. Even the city you live in may require a license. Find your nearest Small Business Development Center and make an appointment to find out what you need. There shouldn't be any charge to talk with them.

      Dee
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  • Profile picture of the author currencyschool
    You are by default a sole proprietor until you make a move to another form of business ownership. You could become a partnership, an S-Corporation, a Limited Liability Corp., a C Corp.. Which you choose to do depends on how much you are making and what you have to risk in terms of personal liability. there is a website for the company corporation. They get you incorporated I have used them with ok results. It is a good idea to speak to a CPA for ideas.
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  • Profile picture of the author 3littlebirds
    Thanks to everyone for all your insight!
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  • Profile picture of the author PLRwithAlex
    Your formation decision depends on your assets, family status, etc. It is best to consult with a CPA at this time when you're starting out. BEFORE you have to file your first tax return. Get off on the right foot.

    By the way, most professionals will offer a free consultation to meet and discuss your needs before choosing one.

    Good Luck!
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