harveyburton1
Newbie
- Jul 5, 2011
- 2
- 0
I run a small business of my own but I did not get license for it. Now is it possible for me to file tax or not. I need assistance, kindly someone explain me what to do?
tax filing
- Thread starter harveyburton1
- Start date
volund
Supreme Member
- Jan 24, 2010
- 1,226
- 751
First off you need to let us know what country you are in. Every country has different rules so that is very important info...........No sense in me going into a long explanation of US rules to find out you live somewhere else.
harveyburton1
Newbie
- Jul 5, 2011
- 2
- 0
Hi, I live in United States
volund
Supreme Member
- Jan 24, 2010
- 1,226
- 751
The Feds could care less, you will need to file as a sole proprietorship fill out a schedule B for your business income and expenses. The easiest thing to do would be to get some tax software like tax cut or get a cpa if you are talking about a lot of money. The software works pretty good and walks you through the process step by step.
States vary a bit, in most you do not need a license but you should probably get a dba and file it with your county clerk so you can get a business checking account.
You just need to make sure you keep good records, with a business you are paying taxes on your profit not the income so you need to make sure you can document your expenses so you do not end up paying more taxes than you are supposed to be paying.