united-states, taxes, business-modelIf I begin a small web business and I generate around 60000 a year, do I need to report this to some agency, government, IRS?
Or could I just accept the payments and transfer the funds into my bank account without any special filing?
What is the maximum a business can make before they have to report their earnings?
What if I don’t register a business, would the 60k have to be filed as additional income taxes when filing for taxes?
For instance, if I am charging 5k a month for my services, and swiping credit cards and transferring this amount to my bank account, do I have to file this as income when I file for taxes?
Yes, you definitely have to pay taxes on your net income. You can deduct lots of expenses to bring your taxable income down.
If you incorporate then you need to do your personal taxes and your corporate taxes, unless you set up a LLC.
Lots and lots of details. You’ll need professional help, financial and perhaps otherwise :)!
Yes, you are required to pay taxes in any jurisdiction that has the right to claim them (local, state, federal, etc) - and likely quarterly, not annually.
Please contact a tax professional for further information.
All content is licensed under CC BY-SA 3.0.