[rcs04]

I have recently gotten tax paper for my business, it is registered and I have a tax id, but however I haven't done any business/transactions yet, or in the 2004 actually because I am still in the developement stages. Do I still have to file just because I registered my business in 2004? Also I keep getting paperwork from the state for 401k for my employees. I don't have any employees yet, do I have to fill that out? Thanks.

[DavidHWalker]

"Self-employment earnings. If your net earnings from self-employment are $400 or more, you must file a return."

http://partners.financenter.com/hrbl...s/itaxfile.fcs

also, you may want to think about hiring on future employees as strictly "independent contractors." this makes the whole process easier and (i believe) doesn't require you to file any extra paperwork with the IRS. I just hired on a part-time graphics designer for my clothing design company and this is the route we've taken.

[rcs04]

So i got tax forms in the mail for 2004 filing, but i have no business done at all in 2004, so i dont file right? how often do i have to file, is it just once a year or is it more?

[southerncross01]

I believe there are two ways to do it, pay estimated taxes quarterly, or pay at the end of the year. I am not a tax attorney, nor do I play one on TV... so don't trust that too much...

[DavidHWalker]

just the once a year every April (at least for Federal Income Taxes). I'm not sure about your state income taxes.

One thing you may have to file frequently is state sales tax. I've only been in business since December of last year, and I've already had to file state sales taxes twice. Ever since I filed for my Sales Tax and Use Permit , they always send me a letter and remind me when to file.

[mpnetwork]

If you spent money establishing your business in 2004, and therefore had a loss, you should file. You can then write those losses off against future gains.

Or just talk to a tax preparer / accountant, they can give you better advice.

[NDentrepreneur]

Talk to a professional for your situation, but you're not required to file quarterly estimates in your first year of business. This is because your quarterlys are based in part on your past year's earnings. Of course you have to file at the end of the year, regardless. If you're in your second year of business or later you have to file quarterlys or pay a penalty at the end of the year when you file your taxes. If you're getting tax forms in the mail, talk to a professional, sooner rather than later.

Pat Argentieri

[Fishing]

If the government absolutely has to have obsene amounts of our money, the least they could do is make it easyto give it to them! just my 2 cents

[rcs04]

Thanks for the input!!!

[sonnyrizo]

Originally posted by Fishing
If the government absolutely has to have obsene amounts of our money, the least they could do is make it easyto give it to them! just my 2 cents

So true. You're taking our money...then why make it a hassle for us?