In Episode 18 of the podcast, I discuss the “Digital Age of Taxes and the 5 Things to Consider in the Digital Age of Taxes. What does it mean in the digital age of taxes? If you’re starting a business in the digital age, what are the tax consequences of using the internet in the digital age for your business?
Before I discussed the “Digital Age of Taxes”, I answered a couple of questions on tax software updates and when individuals can begin filing their tax returns. The answer is that you can begin filing a return anytime; the IRS won’t start processing the return until January 30th, 2013. Depending on the tax software, expect a few updates. The software will let you know if there are updates.
I, also, discuss during the State update a few states, North Carolina and Louisiana, are discussing replacing their State income tax with a higher sales tax rate. Additionally, I discuss the States are beginning exploring issuing a refund on debit cards and direct deposit instead of issuing a refund check. They are doing these to cut their costs.
For the main topic in today’s episode, I discuss the 5 Things to Consider for Taxes in the Digital Age.
The 5 things to consider in the digital age of taxes and your business are:
- What Service or Product are you providing? Is it tangible or intangible?
- Is your business subject to licensing requirement?
- Is it a hobby or a business?
- What type of business entity is your business?
- Where are you going to offer your product or service?
Depending on your answer to these questions, you may be subject to sales, income, and other taxes or fees whether you a small business operating out of you home to make extra money or a business operating out of physical business location.
If you have a tax question, comment about this podcast, or another tax subject, please send me an email to firstname.lastname@example.org.
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