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Ratings. Guidance. The Right Lawyer.
Business and sales tax under North Carolina tax laws
Raleigh, NC
Viewed 427 times.
Posted about 1 year ago in Tax
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Online company taxes.:
Do I need to pay tax?
I want to set up an online business, and I am 14 years old. How much must I earn before I am required to pay tax? Is this company earnings, or is it personal income? Are they considered the same thing if I have not registered the business? Do I have to report all earnings, even if I do not need to pay tax on them? - Is this your question? Add additional information Answers (1)
Mark S Britton
This attorney is licensed in Dist. of Columbia and 2 other states.
Posted about 1 year ago.
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I am not a NC lawyer, but I am a lawyer (and the CEO of Avvo) and I would like to get you some preliminary help.
First, yes, you will need to pay tax. Whether your company is online or offline does not matter for tax purposes. There are federal, state and local taxes that you will have to deal with. All of them have different thresholds/rules for payment. As a small-business owner myself, I suggest you get a good accountant who can help you get everything set up. If you are going to be a serious business owner, don't be penny-wise pound-foolish. Get the right accounting system in place and pay your bills and taxes on time. In this regard, why wouldn't you register your business? Whether it is personal income depends on how you structure your business. If your business structure is very simple, you will want a structure that avoids taxation at both the corporate and personal level. An "S" corporation or LLC are great vehicles in that regard. Any of these NC lawyers could help you on this: http://www.avvo.com/search/lawyer_search?q=llc&loc=north+carolina |
