Just want to know the stuffs they offer.
Incomeathome is a home based business opportunity. It is not a job where you get paid by someone else, you are the boss and you determine your goals for your own business. If you check out their website, this is a online system gives you the ability to expand your business boarders. You will also notice that they are affiliated with an industry leader in the health and wellfare field – Herbalife International. You can check out both Incomeathome and Herbalife through the BBB as well you can look at Herbalife on the New York Stock Exchange which are both reliable sources.
Feb 052010
Feb 042010
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Duration : 0:7:55
Feb 022010
We have just started an online business. Fair Trading have advised that we do not have to have a business name, but I would like to know the following, please, if someone could assist:
1. If the business runs at a loss in the first year, can this loss be deducted from the individual income tax return if we DO NOT have a business name or ABN.
2. Do we need to have an ABN to operate an online business?
3. What is the minimum amount that the business needs to make before paying GST?
4. If we buy items such as a server or samples, can we deduct these costs from personal income tax, as business expenses?
5. Is it better to have a business name for tax purposes?
Thanks a lot!
Regards
Adam Wydeman
I’ll attempt to answer what questions i can:
1. You can deduct the loss off your income provided you pass 1 of 4 tests. These tests are: You have a gross turnover of over $20,000. Your business has been profitable for 3 years in the last 5 years. Your business has property worth at least $500,000 or assets worth $100,000. Obviously only the $20,000 turnover test will apply to you.
2. You need an ABN if you issue and invoice, so yes you will require one to make money, since you must give your clients a receipt when they give you money.
3. You only need to register for GST if your TURNOVER is over $75,000. Turnover is income before expenses.
4. If its a business cost it can come off the business income. The server may have to be depreciated though, so you may have to enter it into a 30% SBE pool.
5. Yes, register a name.
Applying for an ABN and registering a business name is not very expensive.
Feb 022010
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Jan 262010
When filing taxes for an online business, should the shipping cost be calculated as part of the income or as a business expense? Thanks so much!
both … like this:
the shipping cost that customers pay should be included in income. this allows your daily sales totals to match your bank deposits, which goes a long way toward convincing the IRS that you’ve reported all income if/when you’re audited.
then, the actual costs of shipping should be recorded and deducted as an expense — with receipts to back up the figures, of course.
Jan 262010
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Jan 242010
I have an Irish Employment Permit for 3 years to work for a particular employer only in Rep. of Ireland. Can I easily start my e-business website? Is it illegal? Can I own any other source of income like doing some online trade? I mean not as a big company. Just as a startup only.
Yes you can, but only while you are continuing your existing job.
If your online business prospers to the point where you can give up your job, you would need to apply for a new employment permit if you intend to stay in RI.
As long as you can show you are contributing to the economy, it shouldn’t be a problem.
In other words make sure you declare your online income and pay the relevant tax.
Jan 242010
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Jan 222010
I own a online buisness , It grossed $35k , I got it down to 17k after write offs etc but I owe $3200 federal and $550 state. This is the first year I only had the Online Business Income and not another job.
My question is does owning $3700 on 17k Taxable money seem accurate?
Yes. But go over those deductions and business cost. When I started my business I missed a lot of deduction the first few years because they are hidden in the tax booklets. Anything you did to make, improve or promote is deductible. All cost for finding, acquiring preparing, packing and mailing is deductible. All cost associated with returns is deductible. All cost of preparing taxes and record keeping is deductible. Keep digging.