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California State Franchise Tax Board Article
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Taxes - And Your Online Business - Selling On The Internet
from:By Deb St. George, on Business Taxes - Selling On The Internet in your Tax Preparation Guide From BusinessNewsDirectory.net
Before, garage sales and flea markets were the most popular venues for selling pre-owned or used items that you would want to get rid of and at the same time earn money from. However, thanks to the technological developments that have happened through the years, we
can now have easy access to the Internet and have the options to sell our stuffs there.
If you have been selling your stuffs on the Internet and if you still have future plans to do so, you might want to consider taxes and your online business before you continue with it.
Selling On eBay Or From Your Own Website
A lot of people today are getting attracted by the fact that they can actually sell almost anything on the internet by just posting it on eBay, their own web site or any other site that offers practically the same services.
However, what most people don’t know is that there are actually rules and laws that cover selling items on the Internet.
Getting Serious In Your Online Business
If you have been selling your stuffs for quite a long time already, you may consider it as an
income-generating activity, right? Having an online business really has a lot of perks and advantages such as being able to work right at home, not having to have your own boss, etc.
However, having an online business doesn’t mean that you are free from paying your taxes. When you decide to be more serious about your online business, there are a lot of things you have to consider.
Perhaps the first and most important thing you have to consider is the legality of your online business. Make sure that you are not breaking any rule or law so that you and your reputation won’t be in jeopardy.
In addition to that, you must be aware of the several laws that come along with online businesses such as tax rules.
You have to be aware of the different taxation conditions of different states and countries because since you will be having a business online, people from different parts of the world will more or less become your customers or potential business partners.
You must also be aware of the process for paying federal and state taxes for online businesses. Maybe you will have some questions such as:
"Do I need a tax ID number?", "Do I need to file specific paper works or forms?", "How do I begin to
pay federal and state taxes?", etc.
Some of the basic things you need to know about having a legal online business is that your business is actually the one that will pay income taxes in pretty much the same way it would if it were a brick-and-mortar kin of business.
The address for filing you income tax will be the principal business address of the entity. The laws of the particular states that you transact or have business with are the ones that would determine whether you will be required to pay state income taxes.
You should also be aware that a lot of states impose "sales" taxes on items that are purchased by the residents of their state. For you not to get in trouble or end up getting dazed and confused with the many laws and conditions of taxes and your online business, you can try to consult a lawyer knowledgeable in these matters.
California State Franchise Tax Board News
SAN BERNARDINO: Cal State offers free tax assistance - Press-Enterprise
SAN BERNARDINO: Cal State offers free tax assistance Press-Enterprise The help is part of the Volunteer Income Tax Assistance program, sponsored by the IRS and California's Franchise Tax Board. It's being offered at six other San Bernardino County locations as well. This year's program began last week and runs through ... |
Time for taxes means time for questions - San Francisco Chronicle
Time for taxes means time for questions San Francisco Chronicle Q: Tony G. asks, "Has anything been published regarding the process to order forms for both IRS and (state) Franchise Tax? If not, where can I find the information?" A: The Internal Revenue Service and California Franchise Tax Board stopped mailing tax ... |
State asks homeowners to stop deducting some taxes - San Francisco Chronicle
State asks homeowners to stop deducting some taxes San Francisco Chronicle The California Franchise Tax Board is leaning on taxpayers and tax preparers to start complying with a widely ignored law that prevents property owners from deducting certain real estate taxes on their income tax returns. Many tax preparers are telling ... |
GOLDMAN v. CALIFORNIA FRANCHISE TAX BOARD - Leagle.com
GOLDMAN v. CALIFORNIA FRANCHISE TAX BOARD Leagle.com While they do not contest the tax owed for 2000, which was increased due to their participation in a disallowed tax shelter, they contend the California Franchise Tax Board (FTB) should have suspended the accrual of interest on the deficiency. |
State tax board seeks delinquent returns - Los Altos Town Crier
State tax board seeks delinquent returns Los Altos Town Crier While most Californians are preparing their 2011 state tax returns, the California Franchise Tax Board (FTB) is busy as well. The FTB is in the process of contacting more than 900000 people who neglected to file a 2010 state income-tax return. |
Why California needs to soak rich people - even if it's a lousy idea - LA Observed
Why California needs to soak rich people - even if it's a lousy idea LA Observed Not to state the obvious, but that's where the money is. Specifically, tax money. California households making more than $200000 a year contributed almost two-thirds of the state's total tax bill in 2008 (the last year data is available). |
Solar groups sue Riverside County over 'sun tax' - The Desert Sun
Solar groups sue Riverside County over 'sun tax' The Desert Sun The supervisors also maintained that the fee is neither an impact fee nor a tax, and therefore not subject to state regulations or laws related to either. “We stand behind board policy B-29,” Supervisor John J. Benoit said in a statement emailed to The ... |