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Do I need to register my Online Business that grosses more than $5k a month? |
I have had an online business for a while already. It has been running successfully for more than a year already. I have my own website, etc. Operating a business without a business license opens you up to some serious legal and financial problems. All you need is a lawsuit or someone to tip off the IRS that you are non licensed and/or without a Tax ID. For the $50 for a business license and the ability to write off expenses for business, you will end up making more money with a legitimate business than you can paying your expenses out of your own pocket. Get ahold of your county offices for the forms and start keeping accurate records of purchases and sales. Take an accounting class and let the business pay for it. nothing will happen if u don't get caught. once u get caught, u'll get a small fine from the city and a big fine from the IRS. Possible jail time too. tax laws are different in all countries. check with your local tax office. |
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