How do I go about getting a legal psuedo name for selling my clothes online? How do I pay taxes on it- if I have too?
2006-12-14 10:13:15 · 2 answers · asked by Ja 1 in Business & Finance ➔ Taxes ➔ United States
There are 3 really great publications available on the IRS website that can walk you through the steps of starting your own business. Anytime you are making an income, you need to claim it and pay taxes on it.
As far as any state taxes, go to your states department of revenue website and that should provide you with some additional information.
The publications are:
Pub 334 - Tax Guide for Small Businesses
Pub 535 - Business Expenses
Pub 587 - Business Use of Home
The can be found at www.irs.gov
2006-12-14 15:12:52 · answer #1 · answered by D.M. C 2 · 0⤊ 0⤋
Basically, you can call your business store whatever you want. However, if you are that afraid of getting sued, then hire an attorney to search the name(s) of your business to make sure that you are not violating any copyrights or trademarks.
You have to report your information on Schedule C to report your income and expenses to determine if you made a profit or not.
For more information, look up Publication 334 on www.its.gov.
Also, for any sales made in your home state, you may need to register for sales tax.
2006-12-14 12:05:13 · answer #2 · answered by Steve 6 · 0⤊ 0⤋