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starting dropshipping business need legal advise on taxes

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

  1. winner2016

    winner2016 Newbie

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    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

    Henry04 BANNED BANNED

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    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

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    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.