PLZ HELP! Home-Based Business advice needed.
September 20, 2006 3:47pm CST
Does anyone know the legalities of starting a home-based business? How do you file/claim taxes? What type of license do I need? How do I go about getting things in motion? I realize that a business account will be helpful. I have a tax ID # because I have a social security number and that is what they use. I have ideas for products, advertisement, and sales. I have been making crafts from my home for my home, gifts & charity. People always tell me SELL!SELL!SELL! I am now considering turning my hobby into a jobby, but don't have a business degree or a lot of money to start, so experienced advice would be greatly appreciated!
27 Sep 06
The first thing you need to do is to check with your local council to see if you can have a business from home. The second thing to do is to save a little bit of money to help out with the initial cost of setting up. After that, make sure it is something you can do by yourself without having to employ anyone. That is what kills small businesses - employing staff before you are ready.
• United States
20 Sep 06
5 quick steps to starting your business: First and foremost...create a business plan. This plan doesn't have to be formalized, but like marriage counseling...it gets you thinking. You can go to the SBA site for more info on this: h ttp://www.sba.gov/starting_business/planning/basic.html (They also have a lot of other great resources there.) Secondarily, legalities stem from what state and county you live in. Each state has different requirements, depending on what type of business it is. You will probably want to think about a business license. A business license is not costly - usually only $10-40 (Again, depending on the county you live in.) Do a search on the internet for your county and state under "starting a business" for more information. Most likely it will take you to local resources. Thirdly, you will want to visit the IRS's internet site. Lots of great info... Specifically: http://www.irs.gov/businesses/small/article/0,,id=115045,00.html Fourthly, you will need to know what type of business you are starting. Will you be selling at craft fairs, only from home, door-to-door? All of these are taken into account... And, some of them may make a difference into how-deep you want to invest in your business. For instance, depending on the type of crafts, you may also want to consider business insurance. And finally, you will want to save receipts... Make an organizational plan now for this, as once you start buying and investing in your business...this can become complicated. Good luck & Best Wishes!
• United States
20 Sep 06
Well here in san antonio they have what are called quarterly or by year. If your a part timer file your taxes yearly. Just save your carbon copy reciepts on things you have sold and make sure you collect on the taxes on the intial sale. If your doing the selling from your home you just need a merchant license. They normally ask you when you go to the court house or the tax office or sometimes referred to as the controllers office. they will ask you what type of business are you going to be doing. Also if you make any expense save your reciepts. You can get money back when you file your income taxes. The only downside is that if you were use to filing the 10 ez form you will have to do the long form because you have to report the expenses. Its worth it for the tax breaks.