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(Do I Have To Pay Taxes?) 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. Have you ever been told "You Owe..."? Unlike other companies that simply take the information you provide and then let the chips fall where they may. Most companies, whether you have a small refund or even owe money (when you no you shouldn't), they are done. No matter how the liabilities came out, you were told you simply "owed what you owed". (You may have experienced this). That is not how we work. First, we take the information that you put it into the system as any other tax professional would do… Second, Only after that first pass, do we really we go to work. We then analyze it to find the most beneficial structuring of said information to optimize the ultimate outcome of your return. We don’t do anything that other preparers Can’t do… We just do more than they WILL do. We are committed to maximizing your refund, minimizing any tax liability and helping you keep all that’s yours.Douglas Fanning..Please click for further INFO.. ...CLICK....
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