gmp Posted July 16, 2007 Share Posted July 16, 2007 Would anyone be willing to talk with me about tax filings 101 as it relates to a candle business. I know I have to collect sales tax, what about quarterly tax filings? Quote Link to comment Share on other sites More sharing options...
MissMary Posted July 16, 2007 Share Posted July 16, 2007 I'm guessing you are sole proprietor, so my info will be based on that.On tax filings, for federal, you do not need to do quarterly unless you make over (I believe the magic number is) $2000 in TAXES, there's a specific number and I'm not firm on $2000, but I do remember it's up there. Not in sales, but tax.It's a good idea to get in the habit of doing it and it can be less of a burden when tax time comes, since the SE tax is like 16% though. And for so many people it's much easier to make quarterly payments rather than a lump sum once a year. If you make say... $5000 in one year, you are going to pay roughly $750 in taxes yearly, but if you make quarterly payments it's about $188 bucks. Quote Link to comment Share on other sites More sharing options...
islandgirl Posted July 16, 2007 Share Posted July 16, 2007 http://www.tax.virginia.gov/site.cfm?alias=STHolidayMaybe this link will help you..You can file right online.... Quote Link to comment Share on other sites More sharing options...
gmp Posted July 16, 2007 Author Share Posted July 16, 2007 I'm guessing you are sole proprietor, so my info will be based on that.On tax filings, for federal, you do not need to do quarterly unless you make over (I believe the magic number is) $2000 in TAXES, there's a specific number and I'm not firm on $2000, but I do remember it's up there. Not in sales, but tax.It's a good idea to get in the habit of doing it and it can be less of a burden when tax time comes, since the SE tax is like 16% though. And for so many people it's much easier to make quarterly payments rather than a lump sum once a year. If you make say... $5000 in one year, you are going to pay roughly $750 in taxes yearly, but if you make quarterly payments it's about $188 bucks.Thanks. Yes, someone recently did drill in mind something about paying quarterly not yearly and since this is all new to me, I'm trying to take it all in. Quote Link to comment Share on other sites More sharing options...
gmp Posted July 16, 2007 Author Share Posted July 16, 2007 http://www.tax.virginia.gov/site.cfm?alias=STHolidayMaybe this link will help you..You can file right online....Some great summer reading! Thanks for the link. I will take a look at it. Quote Link to comment Share on other sites More sharing options...
HeavenScentU Posted July 16, 2007 Share Posted July 16, 2007 I would contact the local tax commission and they can send you a packet. Quote Link to comment Share on other sites More sharing options...
coconut Posted July 18, 2007 Share Posted July 18, 2007 Would anyone be willing to talk with me about tax filings 101 as it relates to a candle business. I know I have to collect sales tax, what about quarterly tax filings?When you go into business, you should have two things: an accountant and a lawyer. You don't have to spend a lot of money. Just have an initial consultation with each, pay for one hour, and you will get a wealth of information. Then you can file the taxes yourself each quarter as needed-just have the CPA help you at the end of the year. These guys are well worth the money you pay them, and will often answer a quick question for no charge once you establish a relationship. Best of luck! Quote Link to comment Share on other sites More sharing options...
gmp Posted July 19, 2007 Author Share Posted July 19, 2007 When you go into business, you should have two things: an accountant and a lawyer. You don't have to spend a lot of money. Just have an initial consultation with each, pay for one hour, and you will get a wealth of information. Then you can file the taxes yourself each quarter as needed-just have the CPA help you at the end of the year. These guys are well worth the money you pay them, and will often answer a quick question for no charge once you establish a relationship. Best of luck! Thank you, that's a great suggestion. We had been talking about needing a cpa anyway so here's the push I needed. Quote Link to comment Share on other sites More sharing options...
coconut Posted July 19, 2007 Share Posted July 19, 2007 Thank you, that's a great suggestion. We had been talking about needing a cpa anyway so here's the push I needed.I used to own a carryout and had to file lots of stuff-income taxes, sales taxes, employee taxes, unemployment fees, licenses fees..... Having those two pros available was the best thing we did! I only went to see them a couple of times a year so it did not cost much at all and the CPA paid for himself with the write-offs he found me! And the lawyer was worth his weight in gold when we sold the business. Their fees are a write-off too! Quote Link to comment Share on other sites More sharing options...
Greyhound_adoptee Posted July 21, 2007 Share Posted July 21, 2007 I absolutely agree. I just bought the basic Quickbooks software and enter my data and hired an accountant to decipher and place things where they need to be. I take it to him on a jump drive quarterly, he does what he needs to do by making any amendments and sends me home with the correct information to load back into my software. He said that filing my quarterlies, keeping me inline (lol) and doing my taxes at the end of the year will be about $300.00 at year end. I cannot tell you how much I have learned from him in just the couple sessions we have had together already! Quote Link to comment Share on other sites More sharing options...
Candybee Posted July 21, 2007 Share Posted July 21, 2007 I also live in and file my sales tax statements in Virginia. When you start out you will be sent the filing forms from the VA department of taxation. They may start you out on a monthly statement for the first few months up to a year. I'm filing quarterly now but when I started I was sent the monthly forms. Quote Link to comment Share on other sites More sharing options...
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