Celeste (User)
Fresh Boarder
Posts: 3
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Need to file taxes for new interenet business 2006/10/06 07:19
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I started a new business offering services like search engine optimization, Internet marketing, website promotion, etc. This is a part time business for me. My wife is helping me and is working from home. I may not make any net profits for 2006, do i still have to file taxes?
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ldguard (User)
Senior Boarder
Posts: 14
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Need to file taxes for new interenet business 2006/10/06 08:21
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Celeste,
First of all, if you have received ANY income from this business, you need to file on it. If it is considered a hobby, you are limited to what you can take as an expense against the income. If it is truly a business and you have a loss, that loss can be allied to all other income to help reduce your tax liability. Please check with your tax accountant for the final word.
Congratulations on your new business!
Doug
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rjose (User)
Expert Boarder
Posts: 24
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You need to file tax return 2006/10/06 12:40
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You need to file tax return for one more reasons. Since you mentioned it is part time business, you may have to file your tax return for the income you receive from other sources (w-2, 1099, etc). You have different options to form your business like Sole-proprietor or Incorporation, or a partnership and each one has its own tax treatment. You need to talk to your tax accountant to figure out the best way to form your business.
Wish you all the best.
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