I'm in the U.S. and new to online business. I know I have a lot of reading and learning to do. Any suggestions on where to start and how to keep it all in perspective? Thanks in advance.
rocking1144,
It is a daunting task to think about and a couple of helpful resources have been posted.
Yes you should get some accounting software. You might search for something free or even something that is not currently published. I bought a copy of MS Small Business Accounting for $10 off eBay. You do not need the latest version of any accounting software. The only thing you will be missing are their latest offers to sell you something.
I have posted on my website a number of free tax videos to help entrepreneurs such as yourself get a grasp on income tax planning. Just follow the link below. Of course there is plenty of free info at irs.gov.
The following resources and brief articles provide additional tax information for online retailers:
Collecting Sales Taxes Over the Internet
Determine if and how your online business must collect sales tax.
Beside here learning about online business is to pick what kind. At warrior forum you will find a lot of free information on internet marketing. If your online business model is different then that I am not sure where else to go.
BizResearcher | Window Shopper |
12/7/2010 - 10:02 am
To help you get started, you may want to invest in good, basic bookkeeping software, such as Quickbooks. At the end of the year, you will be able to create a variety of reports, such as a profit and loss statement and a list of payments made by vendor. These can then be used, either by you or your bookkeeper, to prepare your taxes.
The following resources and brief articles provide additional tax information for online retailers:
Collecting Sales Taxes Over the InternetDetermine if and how your online business must collect sales tax.
Making Money Online When Are You a Business?Tax and regulatory obligations for online retailers and affiliate marketers.
Additional Tax Issues, Rules, and Regulations for E-commerceA quick guide to find out what all business owners in the e-commerce world should know.
States Making Inroads at Taxing Online SalesAn overview of state sales tax laws for online retailers, written by a notable small business professional for Business.govs Industry Word column.
rocking1144,
It is a daunting task to think about and a couple of helpful resources have been posted.
Yes you should get some accounting software. You might search for something free or even something that is not currently published. I bought a copy of MS Small Business Accounting for $10 off eBay. You do not need the latest version of any accounting software. The only thing you will be missing are their latest offers to sell you something.
I have posted on my website a number of free tax videos to help entrepreneurs such as yourself get a grasp on income tax planning. Just follow the link below. Of course there is plenty of free info at irs.gov.
Many people find it very helpful to consult with a CPA, EA or other tax professional. It might seem like a lot of money for a business just starting up, but it will probably save you much more than it costs you! Mistakes with the IRS can be very costly!
Kathleen Napolitano, EA
[URL=http://www.kathleennapolitano.com]Taxes,Accounting,Business
Coaching[/url]
jbeidle | Contributor | 12/8/2010 - 7:29 am
NicoleD | Former Moderator | 12/7/2010 - 7:34 am
rocky | Window Shopper | 12/7/2010 - 6:40 am
pavionjsl | Window Shopper | 12/5/2010 - 3:35 am
BizResearcher | Window Shopper | 12/7/2010 - 10:02 am
NicoleD | Former Moderator | 12/7/2010 - 10:34 am
Kathleen | Window Shopper | 1/18/2011 - 11:56 pm
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