I hope I have made you aware of some of the tax issues that happen when you go from being a W-2 employee to a business owner.
As I mentioned throughout this training tax laws very from state to state. It's important that you information that applies to where you live. This is one case where you don't want to rely on hearsay. You want to get it directly from the horse's mouth so to speak.
It's now up to you. I hope you become proactive in handling your tax situation rather than reactive. It's much easier to do things right when you first start out, than it is to go back and clean things up.
As I mentioned throughout this training tax laws very from state to state. It's important that you information that applies to where you live. This is one case where you don't want to rely on hearsay. You want to get it directly from the horse's mouth so to speak.
It's now up to you. I hope you become proactive in handling your tax situation rather than reactive. It's much easier to do things right when you first start out, than it is to go back and clean things up.
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k1nl1
Premium
That is indeed a really good and helpful article. I have a question thou. Do you have an idea how it goes if you are constantly traveling? I am not in that position yet, but my idea is to focus on internet marketing and other similar ventures and be able to travel while doing so possibly for more then 3-4 years. This means constant moving from one month to the next and I can imagine that would complicate things.
I see you have experience with cross country income tax situations as you were a Colorado resident officially, but had to register as well in Hawaii while conducting online business there. Do you think that I have to register in every country as a sole proprietor to be able to operate or is there another possibility?
I see you have experience with cross country income tax situations as you were a Colorado resident officially, but had to register as well in Hawaii while conducting online business there. Do you think that I have to register in every country as a sole proprietor to be able to operate or is there another possibility?
nathaniell
Premium
Do you know if we could be required to pay the 'sales tax' portion considering we're not actually SELLING the product? I mean, as affiliates, we are intermediaries making a commission off of a transaction where we are neither buyer nor seller.
Great tutorial, and it's got me thinking about tax season coming up.
My method is that I only use my Paypal account to pay for things related to my business (99% of the time). I have my Paypal connected to Outright, which is not connected to any other financial accounts. That way, Outright tells me how much I'm making, how much I'm spending, and all transactions are listed. It was a life saver last year when I had to look over where I spend money and on what.
Great tutorial, and it's got me thinking about tax season coming up.
My method is that I only use my Paypal account to pay for things related to my business (99% of the time). I have my Paypal connected to Outright, which is not connected to any other financial accounts. That way, Outright tells me how much I'm making, how much I'm spending, and all transactions are listed. It was a life saver last year when I had to look over where I spend money and on what.