Taxes, Legal matters, etc. for your online business

by readr
3 replies
Hey guys, I don't post much. Been lurking here for a while and finally created an account not too long ago. Anyway, to get to my question(s):

Are you guys paying taxes on the income you make from your online business? And if so, how much (percentage wise) are you paying? A rough estimate will suffice. And also, how do you have your business setup/structured? - sole proprietorship? LLC? etc.

I recently have been able to 10x my online business income in recent months, to the point that I feel it is necessary to register an actual business. I am very interested to know how some of you more experienced warriors have yours set up.
#business #legal #maters #online #taxes
  • Profile picture of the author salegurus
    I would suggest you spend some of your 10x earnings to consult with a qualified professional......
    Signature
    Think of how stupid the average person is, and realize half of them are stupider than that.

    ― George Carlin
    {{ DiscussionBoard.errors[10956079].message }}
  • Profile picture of the author agmccall
    I have mine set up as per advice from my accountant. I would suggest you seek the same professional advice

    al
    Signature

    "Opportunity is missed by most people because it is dressed in overalls and looks like work." Thomas Edison

    {{ DiscussionBoard.errors[10956113].message }}
  • Profile picture of the author Oziboomer
    Originally Posted by readr View Post

    I recently have been able to 10x my online business income in recent months, to the point that I feel it is necessary to register an actual business. I am very interested to know how some of you more experienced warriors have yours set up.
    So up until now you've been declaring your income from your online business as "personal income" and paying tax on that right?

    Do you submit a tax return of any type?

    You may want to look into your options by consulting a professional as the others have already stated.

    The business structure you use will depend on your unique situation and the legislation in the country where you are actually earning and declaring your income.

    Each country and each legal business structure will have different advantages, disadvantages and levels of compliance.

    This is why you need professional advice specific to your situation.

    Best regards,

    Ozi
    {{ DiscussionBoard.errors[10956203].message }}

Trending Topics