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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.
Palm Beach County Tax Collector News
Taxes of the rich and famous, a NewsChannel 5 special report - WPTV
 WPTV | Taxes of the rich and famous, a NewsChannel 5 special report WPTV PALM BEACH COUNTY, Fla. - For pictures of the home of several rich and famous South Florida residents as well as the taxes they paid, click the map at the bottom of the page. (no access mobile) The founder of the Oxbow Group refinery giant, ... |
A win for public, fairness as Palm Beach County tax collector gets bed-tax ... - Palm Beach Post
A win for public, fairness as Palm Beach County tax collector gets bed-tax ... Palm Beach Post This week, Palm Beach County Tax Collector Anne Gannon announced that more than a dozen online travel companies, including Travelocity, Orbitz and Expedia, have agreed to pay the county $1.9 million to settle Ms. Gannon's lawsuit against them. |
Travel websites settle suit by Palm Beach County - Palm Beach Post
Travel websites settle suit by Palm Beach County Palm Beach Post ... travel companies have agreed to pay the Palm Beach County $1.9 million to end a 2 ½ -year legal battle that accused them of not turning over their fair share of county tourism development taxes. Tax Collector Anne Gannon said Monday she has settled ... Palm Beach County settles online hotel tax fight Online travel companies to pay nearly $2 million to Palm Beach County in hotel ... Online travel companies in $1.9M settlement with Palm Beach County |
PBC Receives $1.9M Tax Settlement From Online Travel Companies - WPBF West Palm Beach
PBC Receives $1.9M Tax Settlement From Online Travel Companies WPBF West Palm Beach Officials said the fee helps pay for beach renourishment and other tourism related expenses. In 2009, Palm Beach County tax collector Anne Gannon filed a lawsuit against the online travel companies, saying they were not paying the full amount of taxes ... |
Fitch Affirms Northern Palm Beach County Improvement District, FL's Bonds ... - MarketWatch (press release)
Fitch Affirms Northern Palm Beach County Improvement District, FL's Bonds ... MarketWatch (press release) SOUND LEGAL STRUCTURE AND PROCESS: Drainage taxes are levied against improved properties and constitute a first lien on the property on parity with real estate taxes and superior to other liens including mortgages. The statutory tax collection process ... |
Anthony Westbury: The Galvanizer is coming to a precinct near you - TCPalm
Anthony Westbury: The Galvanizer is coming to a precinct near you TCPalm West declared late last week that he will vacate his District 22 seat in Boca Raton for the newly created District 18 seat that is expected to encompass Martin, St. Lucie and part of northern Palm Beach County. The move has me wondering if West is a ... |
Aaronson bracing for one more county budget fight - Palm Beach Politics (blog)
 Palm Beach Politics (blog) | Aaronson bracing for one more county budget fight Palm Beach Politics (blog) By Andy Reid February 2, 2012 05:09 PM Palm Beach County Commissioner Burt Aaronson expects a familiar fight – providing county services vs. cutting property taxes – to dominate the tail end of his nearly 20 years on the commission. |