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Business tax help!?

Question: Business tax help!?

(Posted by: pandamoniumusa on 2008-07-27 12:19:05)

Im thinking of starting my own business online, I took a business course but i have to admit im still lost! I heard that I was allowed to make so much money from my business before i have to get a business license is this true? ( i live in virginia) and i also need to know if i can buy one of those quick books programs to do my taxes from my computer? does it work the same as when i do my personal taxes? and also what records do i need to keep?


Posted by: Walter J on 2008-07-27, 23:32:12

Business licenses, as Mudbug says, are handled at the local or state level, and depend on the type of business, location, and other factors. You may also need to get a state sales tax number. Quickbooks is a good program for keeping track of your income and expenses, but for tax preparation you will need a separate tax program. if you are a sole proprietor, you report your business income on Schedule C, and most personal tax programs will have that form. For other forms of business, you will have to get a business tax program that has forms for partnerships and corporations.


Posted by: mudbug on 2008-07-27, 12:51:47

Your business license is issued locally (check with city/ county). if you set up as a sole proprietor you file an additonal two or three forms with your individual income tax return. why not use the free IRS tax stuff at


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