Don't forget Use Tax. I work in SUT and when I tell people what I do 100% of the time they ask what Use Tax is. When I explain they always are amazed and shocked because they had no idea it even existed. Even some business owners I have talked to are unaware of it. Also, the "don't worry about it" attitude when it comes to sales tax... Comptroller's offices love that. That's when they get to break out the chains and locks. You should always worry about it and be prepared because it varies SO MUCH from state to state, county to county and city to city and street to street. And I'm not just talking about rates, I'm talking about what is taxable. It will eat you up if you don't figure it out before the taxing jurisdiction figures it out for you.
Hey Vanader, I need some advice on my situation here. 1. I formed my LLC this late October. My EIN is in the process. I still need to file my BOI report. I still need to apply for a Business Bank account. I am just starting out and the year-end is already approaching for filing the annual report and Form 5472 for foreigners. Can you tell me what should I do about the annual report and form 5472 when I haven't even started my business yet? 2. What License & Permits should I take for dropshipping General Merchandise in Wyoming State. Do write-offs and record keeping also apply for purchasing items from suppliers for them to Dropship our items to end-users? How do you maintain write-offs, deductions, and record-keeping consistently with the e-commerce model? Maintaining bank statements, profits & losses is all good but are we supposed to maintain receipts of thousands of purchases from suppliers and thousands of customer purchase invoices along with other subscriptions of platforms? Please answer these 2 questions at your best.
You forgot the biggest one of all: the new tariffs incoming next January, as high as 60% for anything coming in from China. Absolutely WILD if it gets put in place. Highest tax increase ever on the average American, as far as I'm concerned
This is absolute gold. Notebooks out, peeps!!
Thank you for watching
Don't forget Use Tax. I work in SUT and when I tell people what I do 100% of the time they ask what Use Tax is. When I explain they always are amazed and shocked because they had no idea it even existed. Even some business owners I have talked to are unaware of it. Also, the "don't worry about it" attitude when it comes to sales tax... Comptroller's offices love that. That's when they get to break out the chains and locks. You should always worry about it and be prepared because it varies SO MUCH from state to state, county to county and city to city and street to street. And I'm not just talking about rates, I'm talking about what is taxable. It will eat you up if you don't figure it out before the taxing jurisdiction figures it out for you.
I think the starting point for FED TAX on the 1040 is $650 or more of qualified income. ie. W-2
I couldn’t find a definitive answer so I played it safe. The irs website there’s wasn’t a number but I could see why 650 makes sense
Hey Vanader, I need some advice on my situation here.
1. I formed my LLC this late October. My EIN is in the process. I still need to file my BOI report. I still need to apply for a Business Bank account. I am just starting out and the year-end is already approaching for filing the annual report and Form 5472 for foreigners. Can you tell me what should I do about the annual report and form 5472 when I haven't even started my business yet?
2. What License & Permits should I take for dropshipping General Merchandise in Wyoming State. Do write-offs and record keeping also apply for purchasing items from suppliers for them to Dropship our items to end-users? How do you maintain write-offs, deductions, and record-keeping consistently with the e-commerce model? Maintaining bank statements, profits & losses is all good but are we supposed to maintain receipts of thousands of purchases from suppliers and thousands of customer purchase invoices along with other subscriptions of platforms?
Please answer these 2 questions at your best.
You forgot the biggest one of all: the new tariffs incoming next January, as high as 60% for anything coming in from China. Absolutely WILD if it gets put in place. Highest tax increase ever on the average American, as far as I'm concerned
wow... sounds scary. consider me fearmongered lol