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Taxes - And Your Online Business - Do I Have To Pay Taxes?
from:By Deb St. George, on Online Business Taxes I Have To Pay in your Tax Preparation Guide From BusinessNewsDirectory.net
Perhaps the most common misconceptions about taxes and your online business is that the two are not related to each other. Most people think that online businesses are not really taxed that’s why more and more people are becoming attracted to start their very own online business.
If you are one of the many people who is interested in starting your own online business or if you already have an online business of your own, then for sure you have heard about the controversies about online
businesses and taxes.
Most people who don’t really have a stable background about online businesses and taxes would most probably guess that owners of online businesses are able to be exempted from paying taxes.
However, in reality, online businesses are still covered with tax dues.
"But I Am Working At Home" And Other Lame Excuses Not To Pay Taxes
The most common excuse of people who have online businesses who wish to ditch paying taxes is that they are "working at home". What most people don’t realize is that taxes are actually based on the sources and amount of the income as well as the types of services and products sold; not on the location of the business.
So whether you are working at home, in a store or in a warehouse, you are still obliged to pay for whatever tax is due to you.
Internet Tax Is Just Like Any Business Tax Basically, online businesses are taxed just like any other business. The government does not actually collect income taxes based on how a business operates but instead, it focuses on the form of the business.
A business based on the Internet still has to register for GST and PST (if applicable) just like any other business. Whether your online business is a sole proprietorship or incorporated, you will still need to fill up some important forms so that your online business can be deemed as legal and so that you can pay the proper taxes regularly.
There is actually no big difference between the tax responsibility of an online business and any other business.
Online Businesses And Federal Taxes
If you have an online business and you are wondering if you still need to pay federal taxes, the answer is yes. But before you go around and complain about the unfairness of the world, you might as well learn more about the federal taxes that you need to pay.
If you are a sole proprietor of an online business, any income you earn through your online business will be taxed as income on your PTR or personal tax return.
In addition to that, you are also obliged to pay your portion of social security and medicare taxes using schedule SE.
However, if you have incorporated your business, the way of paying taxes will become slightly different compared to when you are the sole proprietor of your online business.
Sometimes, the tax you pay as an incorporated online business will also depend on the kind of organization. It’s either you will pay tax at a corporate level or it will be passed down to you as an income.
Dealing with an taxes and your online business can be quite an ordeal if done alone so it would be much better if you’d contact experts regarding this matter such as a lawyer or a certified public accountant.
Canadian Taxes News
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Demographic deficit - National Post
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Saputo: Financial Results Fiscal 2012 Third Quarter, Ended December 31, 2011 - MarketWatch (press release)
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US ports claim harbour tax giving Canada unfair advantage - TheChronicleHerald.ca
 TheChronicleHerald.ca | US ports claim harbour tax giving Canada unfair advantage TheChronicleHerald.ca The US harbour maintenance tax averages about US$84 per container across the country but can be much higher. (TED PRITCHARD / Staff / File) WASHINGTON, DC — The United States and Canada appear to be heading for yet another cross-border skirmish, ... |
China talks must go beyond oil: Opposition - CTV.ca
 CTV.ca | China talks must go beyond oil: Opposition CTV.ca Harper has no problem blowing Canadian tax payers money on trips for his supporters in the oil and gas industry. In case anyone has overlooked Harper's goal, it is to sell Arctic oil and gas to China rather than let the Russians have it. Harper finally takes some risks Harper's pension-cutting plan has Canada on edge Can Ottawa spark innovation? It hasn't yet |
ArcelorMittal posts $1 billion loss after big charges, sees decline in steel ... - CanadianBusiness.com
 Firstpost | ArcelorMittal posts $1 billion loss after big charges, sees decline in steel ... CanadianBusiness.com THE CANADIAN PRESS/AP, Oliver Multhaup BRUSSELS - Several large charges for taxes and restructuring pushed ArcelorMittal into a deep loss in the fourth quarter and the steelmaker warned Tuesday that concerns over Europe's economy had hit demand. ArcelorMittal posts Q4 loss of $1 bln ArcelorMittal posts $1-billion loss |
Golf caucus pushes for green-fees tax break - CBC.ca
 CBC.ca | Golf caucus pushes for green-fees tax break CBC.ca There's no sign the finance minister supports including golf fees in tax-deductible business hospitality expenses. (Chris Young/Canadian Press) In 2010, taxpayers subsidized $565 million in businesspeople's food, beverage and entertainment spending. Ottawa's All Party Golf Caucus must have been hit in the head by a golf ball |