Permit/Tax Questions

[SHIFTcanadian]

So I am trying to get into paid business by the end of christmas this year and want to have all of my ducks in a row.

The accounting side is easy for me (my degree is accounting...haha)

My question for the pros is this,

For the following, where do I go to get one of the following, and what is the cost of the following?

(1) Sales Tax Permit
(2) Business Personal Property Tax Rendition
(3) Federal Income Tax
(4) State/Local Permit Requirements (Not sure, I am in plano)

I dont think im missing anything from this list, but if I am then please point it out!

Do I need to just go to the Colin County Tax office to get these?

Sales Tax Permit is free. http://www.window.state.tx.us/taxinfo/sales/

Business Personal Property Tax - not due to till April 15th of 2009. Contact county tax dept for info.

Federal Income Tax - due April 15th 2009.

State/Local Permits - they vary. I would contact your local county office. Some permits have fees involved and they vary.

[SHIFTcanadian]

Well that was easy on the sales tax permit.

The BPPT & Fed. Inc. Tax is done together when you submit your taxes correct? Its just like another tax return?

As for State/Local permits, i dont think there is a state for texas, there are various local permits however.

Any other information I need to know?

i.e. too keep track of taxes, I invoice everything then throw it all in QuickBooks so taxes get recorded and what not, so that should be fine.

What about claiming gear through taxes?

BPPT is not part of federal taxes. You need to contact your county offices.

There is a wealth of information on numerous threads here. Do a search and you should find the answers you want.

Permits include: occupancy, alarm, ADA, sign, etc.

[brad]

This thread might a good target for that Sticky we keep talking about.

You might also have issues with your HOA (if you have one) if you want to operate a business out of your home. Most cities are ok with it as long as you do not have a lot of traffic to and from your business, but most HOAs state explicitly that you can only have a home office - no customers in your home and no freight deliveries to your home. (And before you ask, yes, HOAs can do that -- you sign the contract agreeing to it before you ever move into the neighborhood -- which is why I would never, ever, ever buy a house where there is an HOA.)

Personal property taxes are a sticky wicket... what's taxable and what's not... and I won't even begin to try and interpret the rules for you here. (Especially since they are different from county to county.) You need to contact your county appraisal district for that information.

[hhscr]

BPPT will come after you file the DBA with your county clerks office.

DBA will let you get the Tax Cert in DBA name and also you can open a business checking acct. This is the best way to keep your business and personal finances seperate.

The Schedule C for taxes is filed with your tax return if your business is a sole proprioter.

[C!LLY]

also as a sole proprietor your tax id is your ss#

[brad]

Originally Posted by C!LLY

also as a sole proprietor your tax id is your ss#

I think you can request a tax id from the feds so you don't have to use your SSAN (identity issues, you know).

I have an EIN so that I don't have to use my SS number for 1099s, etc. Your sales tax ID number is no longer your SS#. It used to be years and years ago but now it is a number of its own.