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Old 01-03-2005, 02:14 PM
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Join Date: Jan 2005
Posts: 3

taxes for a home business

What is the name of your state?Pennsylvania
I started a sports memorabilia business selling them over the internet. I registered with the state and will be getting my resale license soon. I'm doing all the work myself and am hiring no employees and im doing it from home. I did not have to register for a Tax ID number so i am using my social security number instead. i have the sale tax figured out on when i have to pay that.

I was told that at tax season i will have to report how much i made for the year and they will take out FICA and all the other taxes that get taken out from a normal pay check. does that get taken out of my entire revenue? or out of my profit after all my expense were paid? Also is that correct that it will get taken out at tax season?

Is there anything else I will have to pay tax wise or anything else would be really appreciated.

thanks a lot
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Old 01-04-2005, 08:03 PM
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Join Date: Aug 2002
Location: Washington
Posts: 3,484
Hire a professional to do your tax return this year. You pay SE taxes on your net profit.
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