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business questions

Wed, 08/09/2006 - 11:16 — carolinachandler

I am also trying to start a home business from my candle making. I don't really know where to begin as far as the tax stuff goes. Any ideas where I can start my research. I am not planning on anything huge--just some extra spending money. I just don't want to get upside down with tax rules and all that!

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Wed, 08/09/2006 - 13:57 — wjreece

business questions

Hello Carolina!

First thing is keep good records. You will owe federal & state taxes on your profit on or before april 15th.

Also you will need to check with your Secretary of State and apply for a sales tax id for in-state sales. You may also have local sales tax on top of the state sales tax if you live within a city limits.

I know... a big pain, but it can save you down the road!!

Thanks,

Will R.