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  1. Sagly

    Sagly Entrepreneur

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    So I'm planning on starting a business, and many more after that, but being underage, I have no experience with taxes. Where would I factor that into my plans?
     

  2. eProject

    eProject Entrepreneur

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    Different products or services are taxed differently. Food stuffs are taxed differently from alcohol or machinery. In most cases when you buy the products you want to sell you find that they have already been taxed, so the retail price should include the tax. For more information you should contact the revenue authority offices in you region.
     
  3. T J Tutor

    T J Tutor Entrepreneur

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    What sort of taxes? Income tax, sales tax, any kind of taxes?

    All of this falls under your country's taxing requirements in business and incomes.

    In the end, you will likely want to get a business account for operating income and expenses as well as a separate account for tax escrow.

    What country is the location of your business?
     
  4. pwarbi

    pwarbi Entrepreneur

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    I think with any business, if you can afford it, I'd try and get somebody else to worry about that side of things, especially if you've never been in business before. Taxes and the amount you have to pay out, often seems a bit daunting, so depending on what your business is, and how much your making, leave the accounts to an actual accountant, that's my advice.
     
  5. Sagly

    Sagly Entrepreneur

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    I'm in the US, and I'm opening a service based business, so I don't think I need to worry about sales taxes, but other than that, I have no idea.
     
  6. Pop

    Pop Entrepreneur

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    Being under-age you cannot sign a contract and so cannot start a business per se. You will need to work with a responsible adult willing to guarantee any agreement you make. Paying your taxes will be, by far, the easiest part. You just declare your profit under whatever category applies in whatever country you are in. You might also be able to deduct some costs, so keep receipts.
     
  7. pwarbi

    pwarbi Entrepreneur

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    Depending on how old the OP is, it might even be worth not opening it as an actual business, and just do it as more of a hobby for a bit of pocket money rather than anything else.

    That's not to say that in the future it can't grow into a full time business, but at the same time, for now at least, it cuts out the co.plications of taxes and as you say, not being legally old enough to sign any contracts.
     
  8. bria1

    bria1 Entrepreneur

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    Great place to come and get advice. I am following this post because I plan on doing exactly what you are doing. Thanks for posting. I know from experience that this is a hard and difficult endeavor so good luck to you..and share your experiences with us.
     
  9. T J Tutor

    T J Tutor Entrepreneur

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    Some states require sales tax on services. Check your state.
     
  10. Sagly

    Sagly Entrepreneur

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    How does one "hire an accountant? Are they someone that would be needed on staff at all times? or would it just be like every year go to an accountant and have them help you?
     
  11. T J Tutor

    T J Tutor Entrepreneur

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    Well, when you have a corporation, or other business type in the states, we have to file our estimated income taxes quarterly. So, on average, I meet with my accountant each quarter plus a couple of times when filing the annual corporate income taxes and my personal income taxes.

    It is wise to hire an accountant that is experienced in your field of business. Interview them until you find someone that satisfies your needs as well as your comfort level with them. If possible, think of it as though you are hiring someone you will want to work with long term. Bouncing around from one accountant to another is a nightmare!

    You'll likely be billed by task and sometimes for time.
     
  12. William Clements

    William Clements Moderator Business Owner Entrepreneur

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    While thinking about your 2015 taxes to file by April 15th, 2016, you have options such as filing for free by your self or using free resources, you can use resources that cost a fee or hire a tax person to do your tax person for you. Some people can afford to pay someone and others cannot. Below is a list of resources for paid and free:

    E-File.com FREE
    Turbotax.com FREE

    Although, you can see those are free, there is an paying option which includes support and more for both. They have more than one plan which is based off your need.
     
  13. pwarbi

    pwarbi Entrepreneur

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    While I'm sure that bigger companies will have accountants on their staff at all times, we use an outside firm that sends us one for a day once a month. They'll come in and go through the books, generally do whatever it is that accountants do, then disappear till the next time.

    We obviously have access to their services 24/7 in case we need them, but they're only usually actually on-site for just the one day.
     
  14. thedude

    thedude Entrepreneur

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    As much as I hate TurboTax due to the sneaky fee structure they use, I like that it offers business owners and investors to easily manage tax returns. My stock market account is so easy on turbotax because all I have to do is log in with the credintials of my stock site on turbotax and im good to go. United way is free and uses HRblock who has a good reputation. Look around and see what will work best for you.
     
  15. rz3300

    rz3300 Entrepreneur

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    The short answer is A LOT. Whether you look at it from the business side, the consumer side, the investor side, up, down, in, around...taxes will play a large role in your decisions. Get used to it. They may not seem like big numbers, the one and two and three percents here and there, but they add up when you are talking about bigger numbers, trust me.
     
  16. ReadmeByAmy

    ReadmeByAmy Entrepreneur

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    If you are planning to start a business first you must register first your business name and the nature of your business. Then after that you need to get your business and licensing permit to the place of location where you will put your business. Then you will register your business at the Internal Revenue Tax office in your place and there you will find out what are the taxes that you need to pay to the kind of business that you had. It depends on the nature of business and the taxes varies.
     

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