Question by  drkangl7 (7)

How do you determine the taxes for an internet business?

I have started my own internet business and need to pay taxes soon.


Answer by  Att4372 (1704)

If you sell over the internet, you are supposed to collect sales tax in your home state. Determine what your state taxes & rates. Remit at the required intervals.


Answer by  Chaneygirl (1755)

Add up your gross income (not net), then list all expenses, including fees/shipping. If you are a sole proprietor, file schedule C with your taxes.


Answer by  tamarawilhite (17883)

Calculate your income after expenses. This is the amount for which taxes will be assessed. If you are self-employed, you will owe quarterly taxes on your income from the business.


Answer by  Kurt (4579)

Your tax liability depends on the type of business you created. Is it a corporation that is taxed separately or are you self employed with the income from this business your own personal income? If it is your personal business, you will need to keep track of your business expenses and income. You should make quarterly tax deposits.

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