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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.
New York State Tax News
NY legislators cite tax-records privacy concerns - Wall Street Journal
 New York Daily News | NY legislators cite tax-records privacy concerns Wall Street Journal AP ALBANY, NY — A quiet decision by the Cuomo administration involving the ability of his appointed inspector general to access private tax records of legislators and state employees was called dangerous by a top lawmaker Monday. State Sen. Tax chief deputizes IG staff to permit use of returns |
Online businesses threaten to move out of state if charged sales tax - MyCentralJersey.com
Online businesses threaten to move out of state if charged sales tax MyCentralJersey.com WEST NEW YORK — Affiliate Nexus Tax Legislation proposed by Sen. Paul A. Sarlo (D, Bergen and Passaic) and Sen. Raymond J. Lesniak (D, Union) will cost New Jersey thousands of jobs and decrease tax revenue. ECoupons.com and hundreds of small ... |
Pennsylvania Set to Allow Local Taxes on Shale Gas - New York Times
 Upstream Online | Pennsylvania Set to Allow Local Taxes on Shale Gas New York Times Lawmakers in Pennsylvania had been trying to agree on how to harness the development of the Marcellus Shale, a gas deposit under a large area of New York, Pennsylvania and Ohio. The industry is booming here, and supporters of the bill say it is high ... Pennsylvania To Impose Impact Fee On Gas Drillers Penn Senate passes shale tax bill Pennsylvania Set to Approve Fracking Regulations |
NY comptroller, leaders fear power grab in budget - Wall Street Journal
 North Country Public Radio | NY comptroller, leaders fear power grab in budget Wall Street Journal AP ALBANY, NY — Leaders in Gov. Andrew Cuomo's own Democratic Party as well as his close Republican Senate ally on Tuesday accused the governor of a making a power grab in his budget proposal, saying he was trying to claim too much control over state ... Cuomo: Hydrofracking decision could come soon Executive Budget continues positive fiscal path, says comptroller Skelos, DiNapoli Fear Cuomo Power Grab |
New York Wins the Battle for Fresh Direct - New York Times (blog)
 New York Times (blog) | New York Wins the Battle for Fresh Direct New York Times (blog) The battle over whether the Giants belong to New York or New Jersey may rage eternally, but for now New York has scored a decisive victory in the War for Fresh Direct. Fending off a $100 million package of tax breaks, land and other subsidies dangled ... Bronx residents, activists to weigh in Thursday on public benefits for new ... Fresh Direct Checks In EDA: Headquarters relocation never became a food fight with NY |
Buffett Rule Proposal Is A Win For Tax Exempt Bonds -- And Divorce - Forbes
Buffett Rule Proposal Is A Win For Tax Exempt Bonds -- And Divorce Forbes This, no doubt, is a relief to state and local officials of high tax/high debt states like Schumer's New York and Whitehouse's Rhode Island. One other piece of good news, this one for the only somewhat rich: the 30% minimum would be phased in between ... |
Occupy Protesters Interrupt State Budget Hearing - New York Times (blog)
 New York Times (blog) | Occupy Protesters Interrupt State Budget Hearing New York Times (blog) By THOMAS KAPLAN Nathaniel Brooks for The New York TimesProtesters briefly interrupted testimony by the state tax commissioner Thomas H. Mattox, lower right, in Albany on Monday. ALBANY – Two dozen protesters from the Occupy movement, which two months ... |