[vertex]

Does a minor hav to report taxes? (In US)
I heard that if you are making more than a specific amount you have to pay income tax, is this true? What else does a minor have to worry about legally except taxes when being an owner of a business?

[mxer210]

I'm starting a business and I'm a minor. In my state, california, I needed a fictitious business name statement, sellers permit, and a business license for a sole proprietor ship for my online store. The only form a minor can't be on is the sellers permit because minors can't be in a legal contract with anyone, and the sellers permit is just that. If your not selling goods, you could get your own biz, but if you are, you'll need to use an adult. What I'm doing is forming an LLC(so my dad can't get sued and lose all his money from my biz) and having my dad and I on the business license, and the fictitious business name statement, and the LLC organization of charter papers, but only have him on the sellers permit. Also, minors can't apply to accept credit cards, so you couldn't get a merchant account, even paypal.

For your question, I've been taxed wherever I work for the normal tax income rate, so I think it's like under the age of 14 or $2000 with no taxes. I was 14 and worked at the movie theater and they taxed me 300 of my 1300 i made. All busines have to file tax returns if your selling somehting, unless your non-profit or tax exempt some how. I'm not sure on all of my info though, but that's what I've concluded do far after some research on it all. Good luck and IM me if you would like to discuss it.

[mpnetwork]

Hi vertex,

The easiest way to find the answer to your question is phone the IRS.

http://www.irs.gov/help/article/0,,id=120193,00.html

[mxer210]

You also need to call your secretary of state. The IRS is only internal taxes and there's state taxes. For me, it's www.boe.ca.gov (California board of equalization). If your selling stuff like I am, you have to report tax returns every quarter to them.