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The Business of Knife Making A forum dedicated to all aspects of running, managing and legal operational issues relating to the custom knife making and custom knife selling industry. |
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#1
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sales tax
Hey guys I've asked my state comptroller and tax office for help on this, but apparently they can't answer me or they are too busy. They always say ask the other one. If you have filed for an assumed name, gotten a tax I.D. and you don't sell any knives for the first little while will you be charged tax on anything at all? Seems to me if you don't sell you don't pay.
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#2
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If you don't sell anything, I don't see how they can charge you sales tax. Then again, I'm not an accountant...
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#3
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Even If you have no sales... you still have to report it..
If you have been given a Tax ID you'll get a statement in the mail by the periods defined by how you stated you want to pay your taxes...annual/quarterly and such. Other than nothing to it...and no you won't be charged any taxes for no sales... :cool: __________________ Hank |
#4
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well i got it all done. I filled out my assumed name and got my tax paper filled out. I was just going to do this as a hobby but so many people got me worried i'd get nailed if i made too much money. I don't think i'll make much money (enough to pay for all my stuff), but i think i got everything to where I won't get in trouble. thanks for the help guys.
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#5
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>>------> >>------> doublearrow...
On a related topic...I understand that you may want to watch numbering knives (if your so inclined) The way it was explained to me was...."let's say I choose 100 as a kickoff number" and only have records to show from 100 to date.. the IRS may audit you or investigate where the revenue is from 0-99 I've never personally experienced this and maybe others can give some insight... I think for myself...an etch mark will be sufficient for now... __________________ Hank |
#6
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Thanks Hank
Thanks for the heads up Hank. I had thought about numbering them, but I'm like you now I'll just keep to etching my name.
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#7
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Sales Tax
doublearrow:
You have to file, But you file 0 sales. I just filed both Sales and Federal. I just purchased a program called QuickBooks Pro and I find out this is going to be my life saver for 2004 Tax. It tracks everything from Cost of materials to Milege for my business. So what ever you do keep GOOD records. James __________________ Blademan KnifeMakers Are Pretty Sharp People |
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