Depends on where you live if you need - sm - XXX Posted: Aug 16th, 2015 - 12:21 am In Reply to: i dont understand why you had to pay to get a business name - no name
a business license or not. I did not have one for years, then my county dinged me for it based on my tax returns. So now every year they mail me the forms I need to fill out to get my license for $30 a year. I do not do estimated quarterly tax payments though, did a few years, but now just have extra taken out of my husband's paycheck to cover the IC SE taxes. IRS does not care how they get it. On our joint tax return I figure out what I owe (SE taxes), but since we had the taxes covered by the extra from his pay, I owe nothing, and we get refund which I try to keep under $1K (why let them have our money if I can help it). I have owed in the past despite having the extra taken out of DHs pay, but never have had to pay penalties, I presume because it was not a large enough amount for that, though one year owed $1500. So even though I have no employees my county requires a business license. I do not do any special forms for the IRS other than the sch. SE and C for our 1040 return. A few times I did need a special form as I was not doing depreciation and taking the whole value write off of equipment at once, but that is it, now I just list everything in my write-offs, and write off usually 3-4K in expenses. So every state/county is different in their license requirements. Mine just wants money for anything and everything, so we pay taxes on our cars, boats, trailers, houses, etc. Every 2 years they reassess our house so they can raise our taxes too. So if you live in a money hungry county odds are you will need a business license no matter how small a "business" you are.
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