1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

starting dropshipping business need legal advise on taxes

Discussion in 'Business & Tax Advice' started by winner2016, May 21, 2016.

  1. winner2016

    winner2016 Newbie

    May 21, 2016
    Likes Received:
    i wanted to get started drop-shipping within the next month or so but before i start i want to make sure i take care of the legal aspect of it as far as taxes go apart from me recording my sales on a daily basis how do i go about paying the irs on a yearly basis with a regular 9-5 you receive a w2 to at the end of the year to file for the taxes you have paid how does it work when you have your own business. right now i know i need to register with an llc and that i need a (sales tax permit for my state,or state tax id# )
    oh and i will be selling form eBay any advice would be great........ thanks
  2. Henry04


    Jul 7, 2010
    Likes Received:
    Go to an attorney and get professional advice, everything else can get you in trouble.
  3. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

    Mar 10, 2010
    Likes Received:
    Home Page:
    Actually you need to pay your taxes quarterly as a business, not yearly.

    For a small operation like you are setting up, go and call a few bookkeepers in your area and explain what you are doing and for a nominal fee (I'm sure under 200.00) they will set up a system for you that is easy to handle.

    It really is quite simple for a single person entity that is buying and selling on a small scale.

    Should you have the opportunity to grow, and you choose to do so, you'll need to step up to an accountant but at this stage of the game a bookkeeper can set you in the right direction.