Start by asking it in the correct area. This is small business.
Friday, November 23, 2012
How to Start this problem? -
I am starting a small business - do I need to get a business license to claim tax deductions? -
READ ENTIRE ANSWERYou will not need a business license to claim income on schedule E for state and federal income- BUT read on completely.You may need to resister with the State Sales Tax Department if your business is required to collect and pay sales tax - (most do) and not doing so if you should is against the law. So be sure to call them and find out. If you do you will receive a sale tax certificate of authority. Besides that you may need to file with your county a DBA ( Doing Business As ). Without this DBA you will probably not get business financing from a bank today.Besides that you will need to contact your village or town to be sure you can operate the business in the area. I say that because some zoning laws prohibit some types of business from being in a residential area. Usually home based business where No customers come to the home or where No excess trucks park or No auto repair is being done for example are okay. If you have a web based business it is an example of a business you can operate from home.IMPORTANT!!!!!The reason I say you need to file these other forms if needed is because your federal and state income tax people may or probably will report your schedule E to the sales tax people. And you do not want to get caught not collecting or not reporting your business to the state sales tax people. Big fines!!!!The IRS is not stupid so don t try to claim business expenses without sales income. And don t try to claim income without collecting and paying sales taxes due the state if you are required to. You can only claim a loss in business for so many years to ask a CPA.
From a tax perspective, no business license is needed to claim tax deductions. You should of course check your state and local laws for any local license requirements needed to run a business.I recommend folks document their business intent- this helps show the IRS that you are engaged in a real business. Consider putting a written business plan together, print business cards, advertise, install a business phone line etc. etc.
Use this basic checklist to make sure all the important steps are taken before you launch your new venture. Steps to Starting a Business -http://www.developer-resource.com/starti��Other sites you might find helpful are: SBA - http://www.sba.gov/SCORE - http://www.score.orgSmall Business Resource - http://www.small-business-software.netBusiness Link - http://www.businesslink.gov.uk/bdotg/act��Goodluck!
no a business license is not needed for that. it may be needed for other reasons but not for IRS.your income and expenses will be reported on Schedule E of your personal tax return
Is there a website where you can search for a stockbroker in your area.? -
what about like http://www.kudzu.com/ ???might help
What type of business i can start with less investment and can have profit in less time please help me.? -
First off, slow down and relax. I admire you initiative, but this is not something that can be done in a rush. The first thing to avoid is signing up for a million get-rich quick-schemes that will only waste your time and drain your money. You know, the ones that promise easy money from home, yet only ask you to buy things. There is a way to make money online, and it can be done fairly quickly. Of course, you need to follow some basic steps and learn how to implement certain processes properly. Here s how to do it, go to this site. HTTP://WWW.BISAFFILIIA.COM/ Just paste the link into your browser. This site will teach you the finer points of what an affiliate program is and how to use them. You ll be making money before you know it. And the best part is, they don t charge for their services or force you to sign up. Good Luck
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