I'm starting a magazine subscription business in Illinois and want to know what taxes am i liable for?

Question

Online Sales and telemarketing Sales all over the USA.

Exemptions

Sales - The following examples of sales of tangible personal property are exempt from tax:

Sales of newspapers and magazines

What does this mean and does it apply to me?

Answer 1

Same as any other business. Your net income is fully taxable. You also pay self-employment tax on the net income at 15.3%.