Why You Should Pay Your Taxes
3:29 AM
Doing business online is starting to be a much preferred way of transacting business both by the sellers and the buyers not only because it is way more hassle-free than real shopping but also because it provides a chance for a tax-free business transaction to transpire.
Most people also believe that transacting small sidelines or business transactions through the Internet requires no tax. However, the truth of the matter is, there are actually taxes that are due for every item purchased or sold through the Internet.
Trying to start an online business is pretty much the same as starting any business in the world. Some people who are involved with online businesses usually use their ignorance as an excuse not to pay taxes.
They would say that they didn?t really know where to go or what government department to approach so they just went ahead with their online business without actually referring to the government or the state that they are under.
However, agents from IRS would say that whether it is treated as a hobby or a sideline business, taxes should be strictly implemented.
You should also ask what is required at both state and federal levels. Most communities would actually require you to register a trade name. If you wish or choose to operate from your home, you should ask about the local zoning laws.
The government is strictly issuing penalties for businesses that fail to adhere to the law.
Online businesses are not excused from this law, in fact, more law enforcers and agents are being sent to check on the legality of online stores and businesses.
If you want to have a successful online business, you should try to keep it as clean and honest as possible. Don?t even try to pull off any illegal or mischievous tricks in your business or it may jeopardize your success.
Make sure that you abide by the Truth in Advertising requirements; do not give customers misleading ads because they will only end up being disappointed or unsatisfied with your services which could lead to more trouble.
When You Make Money Online, You Have To Pay Taxes When you earn, you really have to pay taxes; it?s a known fact and perhaps what we can call a bittersweet reality. Sure, it may be a bit difficult on our part to surrender a part of our hard-earned money for tax dues but the truth is, everyone is doing so.
If the answer to all those questions are yes, then you most definitely are not carrying a hobby, but in fact a business. By finding out that you are already having a mini-online business at eBay or other similar websites, then you have to be responsible enough to pay for your taxes on your income.
Most people also believe that transacting small sidelines or business transactions through the Internet requires no tax. However, the truth of the matter is, there are actually taxes that are due for every item purchased or sold through the Internet.
Trying to start an online business is pretty much the same as starting any business in the world. Some people who are involved with online businesses usually use their ignorance as an excuse not to pay taxes.
They would say that they didn?t really know where to go or what government department to approach so they just went ahead with their online business without actually referring to the government or the state that they are under.
However, agents from IRS would say that whether it is treated as a hobby or a sideline business, taxes should be strictly implemented.
You should also ask what is required at both state and federal levels. Most communities would actually require you to register a trade name. If you wish or choose to operate from your home, you should ask about the local zoning laws.
The government is strictly issuing penalties for businesses that fail to adhere to the law.
Online businesses are not excused from this law, in fact, more law enforcers and agents are being sent to check on the legality of online stores and businesses.
If you want to have a successful online business, you should try to keep it as clean and honest as possible. Don?t even try to pull off any illegal or mischievous tricks in your business or it may jeopardize your success.
Make sure that you abide by the Truth in Advertising requirements; do not give customers misleading ads because they will only end up being disappointed or unsatisfied with your services which could lead to more trouble.
When You Make Money Online, You Have To Pay Taxes When you earn, you really have to pay taxes; it?s a known fact and perhaps what we can call a bittersweet reality. Sure, it may be a bit difficult on our part to surrender a part of our hard-earned money for tax dues but the truth is, everyone is doing so.
If the answer to all those questions are yes, then you most definitely are not carrying a hobby, but in fact a business. By finding out that you are already having a mini-online business at eBay or other similar websites, then you have to be responsible enough to pay for your taxes on your income.
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