Question by twitalele3: i am looking to start an online business, i have all of my ideas but i know that taxes will be an issue, help!?
how can you start an online business and make money while still doing things according to the tax laws. i know nothing about taxes and i really want to get this business started but i dont want to end up getting in trouble with the government because i owe tax money from the income that i will make from my business. can someone help me out?
Best answer:
Answer by Mommy of 2 & one on the way!
You can apply for a tax id # for your business online or set up a dba (Doing Business As) account at your bank. Keep a separate account and put 20% of all your earnings in that account. DO NOT TOUCH THAT MONEY!!! Keep all your receipts for purchases pertaining to your business ect. An accountant can help you with all the details.
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