How do i pay Tax on my business?

[JustSomeAnon]

In a couple of weeks, after i do my research i will go ahead and open my first LLC.

My question is, after i get everything set up, how can i pay taxes on my profits if i have no legit receipts or any proof of where and how much i have paid for my merchandise that i am selling?

(Speaking about online sales)

 

[TheGeekess]

In a couple of weeks, after i do my research i will go ahead and open my first LLC.

My question is, after i get everything set up, how can i pay taxes on my profits if i have no legit receipts or any proof of where and how much i have paid for my merchandise that i am selling?

(Speaking about online sales)

www.irs.gov

And your state's Department of Revenue.

 

[JustSomeAnon]

www.irs.gov

And your state's Department of Revenue.

Thanks for replying. But lets say, one day I get audited. When they check all the math and stuff, won't they ask for the receipts or any proof how much i spent on my merchandise?

I have no proof of that, what happens then?



I'm just confused how an accountant can do my taxes on the profits if he/she doesn't know or have proof how much i spent on the products i am selling.

 

[TheGeekess]

Thanks for replying. But lets say, one day I get audited. When they check all the math and stuff, won't they ask for the receipts or any proof how much i spent on my merchandise?

I have no proof of that, what happens then?



I'm just confused how an accountant can do my taxes on the profits if he/she doesn't know or have proof how much i spent on the products i am selling.

Then I suggest you also contact an accountant if you don't have a clue about how to run a business.

 

[OHRoadwarrior]

If you are not buying it, building it or harvesting it, you must be stealing it. They will want to know that also.

 

[davew128]

www.irs.gov

And your state's Department of Revenue.

Don't feed the troll. Or the one from Ohio who doesn't know anything either.

 

[JustSomeAnon]

Then I suggest you also contact an accountant if you don't have a clue about how to run a business.

I am trying to learn man. I'm only 18. I don't want to see an accountant yet because 1. they are expansive to even get a consultation. 2. I want to have some knowledge beforehand so i don't sound like an idiot. Or even for them to try to tell me stuff that isn't true.

So help a noob out bro

 

[JustSomeAnon]

Don't feed the troll. Or the one from Ohio who doesn't know anything either.

How am i a troll because i don't know much about this topic.... Isn't this forums name free advice?

So are you telling me to be in this forum i must be an expert?

 

[JustSomeAnon]

If you are not buying it, building it or harvesting it, you must be stealing it. They will want to know that also.

I am not stealing it. I am importing it from another Country. But have no proof of legitimacy.

 

[LdiJ]

I am not stealing it. I am importing it from another Country. But have no proof of legitimacy.

How is it possible that you will have no proof of what you paid for the goods? How is it possible that there will be no paper trail for imported goods? How do you plan to pay for the goods?

 

[TinkerBelleLuvr]

In a couple of weeks, after i do my research i will go ahead and open my first LLC.

My question is, after i get everything set up, how can i pay taxes on my profits if i have no legit receipts or any proof of where and how much i have paid for my merchandise that i am selling?

(Speaking about online sales)

WHAT STATE ARE YOU IN?

Each US state has a different rule.

 

[OHRoadwarrior]

So you are importing illegal trademark violation knock-offs to sell? You are asking for a visit from the FBI, not the IRS.

 

[anteater]

Whatever happened to going to the local library and looking for books covering small businesses and small business taxation?

(You do know what a library is, don't you bro?)

 

[tranquility]

One has a legal duty to keep appropriate records for your business. What can they do? They can deny all your deductions. Although they will need to prove up your income, they have many ways to gain evidence of money received.

 

[JustSomeAnon]

How is it possible that you will have no proof of what you paid for the goods? How is it possible that there will be no paper trail for imported goods? How do you plan to pay for the goods?

Western union receipts are enough info?