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Do you have to report your business??

519 Views 4 Replies 5 Participants Last post by  annethcz
I wonder how many wahms report to the state and when do you have report?

Is it when you reach a certain $$ amount?

Would I be safer to just start reporting at the get go?
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We've always included my income on our Schedule C. Initially we lumped my business under my hubby's (he's a WAHD). When my business became official (got a DBA and a checking account and a resellers-permit, etc) then we started keeping track of the businesses separately. HOwever, we still report our total income and total expenses on one line since we file jointly.
Yep, it's my opinion that it's better to be on the up and up from day 1. And it is much easier to keep business expenses separate from personal.

As for when you report, I believe that you can choose the date your fiscal year ends. (Gosh...maybe I'm lost's been a while since I got all this set up... mine ends 12/31 just for convenience.)

If you contact your local Small Business Administration, they can give you information on where and how to get your business licence, taxes that need to be paid, etc.

Good luck!
i don't have a biz license but we file taxes for my business state and federal thru our accountant
Things vary TREMENDOUSLY from state to state. In some states, you need to apply for a business liscence- in my state, I don't. Generally, if you have a retail business, you'll need to collect state sales tax (regardless of how much money you're making).

Check out the dept of revenue website for your state- you'll probably find all the info you need.
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