Welcome to Tax preparation
Henry County Tax Office Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
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.
Henry County Tax Office News
Tax collections going well in Henry County
Local homeowners are on track in paying their property taxes. The Henry County Tax Commissioner’s Office has collected nearly all taxes which are due.
Read more...Heath sees positive trends in economic data for area
A review of economic development data shows that Martinsville-Henry County has lost more jobs than it has gained in recent years, but the data also illustrates several positive trends, according to Mark Heath, president and CEO of the Martinsville-Henry County Economic Development Corp. (EDC).
Read more...County sets Henry's tax credit at 10 years
Orangeburg County Council Tuesday gave unanimous first reading by title only to amend the time period for an Orangeburg convenience station to benefit from a special tax credit.
Read more...PEOPLE'S AGENDA: Henry County Board of Assessors meets today
The public is invited to attend a meeting of the Henry County Board of Assessors today, Jan. 10, at 9 a.m., in the Tax Assessors Conference Room, in the Henry County Administration Building, 140 Henry Parkway, in McDonough.
Read more...Federal effort offsetting Henry’s rising foreclosure rate
With foreclosures on the rise in Henry County, local government leaders are hailing the importance of a federal program designed to help area residents become homeowners.
Read more...Commissioner Refuses to Comment on Questionable Residency
Commissioner Refuses to Comment on Questionable Residency
Read more...George County Circuit clerk seeks election fees from county
George County Circuit Clerk Chad Welford requested payment during Monday's meeting of the Board of Supervisors for programming voting machines for primary elections. The supervisors didn't settle the issue but scheduled a work session for Thursday for further discussion on the matter.
Read more...