TAx Question

[dsmboosted]

What is the name of your state (only U.S. law)? Wisconsin

I am starting an LLC sole owner, no employee internet based business that sells a product online.

Do I need to file my state taxes quarterly and my federal taxes annually? I currently have not launched the business yet, but I am in the production stages. I am currently running at a loss. I just want to make sure I am staying legal with taxes.

 

[dsmboosted]

bump for the message

 

[Country Living]

You may get a faster answer if you put your question in the tax section of this forum.

 

[trespassee]

What is the name of your state (only U.S. law)? Wisconsin

I am starting an LLC sole owner, no employee internet based business that sells a product online.

Do I need to file my state taxes quarterly and my federal taxes annually? I currently have not launched the business yet, but I am in the production stages. I am currently running at a loss. I just want to make sure I am staying legal with taxes.

The feds want their money quartely as well, in the form of estimated payments. And if you estimate wrong you could be penalized. Also be advised that beginning in 2011 a new rule snuck into the recent "Housing" bill takes effect in which online payment processors like PayPal and even your own bank merchant account are required report the transactions to the IRS. So what you report, and what your merchant account provider reports had better be the same.