Change of mind; Business Direction Question

[SHIFTcanadian]

So ive decided to put off trying to run a photography business right now, to pursue an MBA. Plus, this way its more of a hobby and enjoyable, and I can control how much stuff I do.

Ive already gotten my sales tax permit and DBA but that is it.

Is there anything else I need to do to close down shop, even though I havent done any business since I got this? (just got it earlier this month, but was out of country for a while)

Also, will I have to pay BPPT even though I havent done any business?

Thanks for the help

[Rson]

Contact the state and let them know. They will kill your account and you will be off the hook for taxes

[toverman]

Or keep your documentation and earn a little extra money on the side when you feel like it. (That doesn't answer your question, just a thought).

[ldelacruz]

You don't have to close them down but you will have to file a tax form based on the time frame you set up with the state. If you have no taxable sales for the time frame you just file accordingly. Also if you have no sales you can do it over the phone using the automated feature. It is very important to file in the time frame or they will estimate your taxes due and charge a penalty plus late fees and then it is up to you to prove otherwise.

[Rson]

Originally Posted by ldelacruz

You don't have to close them down but you will have to file a tax form based on the time frame you set up with the state. If you have no taxable sales for the time frame you just file accordingly. Also if you have no sales you can do it over the phone using the automated feature. It is very important to file in the time frame or they will estimate your taxes due and charge a penalty plus late fees and then it is up to you to prove otherwise.

THat is how I know...I got the letter from the state with my estimated taxes based off 100000 in sales. I about dropped dead right there. Luckily I emailed them and it was taken care of promptly by the state.

[ara.bentley]

Ok - not meaning to hijack the thread here - but I have a question. I just got my Tax ID and started making money October 1st of this year and I know that I need to file my taxes ever so often.... but I don't know when. The website said that the comptroller would mail something to my address... I haven't gotten anything yet - should I be worried or just sit tight and wait?

[L Stegall]

For sales tax, you'll get a quarterly statement from the Comptroller, so you should get one soon for the quarter ending December 31st.

[ldelacruz]

Originally Posted by ara.bentley

Ok - not meaning to hijack the thread here - but I have a question. I just got my Tax ID and started making money October 1st of this year and I know that I need to file my taxes ever so often.... but I don't know when. The website said that the comptroller would mail something to my address... I haven't gotten anything yet - should I be worried or just sit tight and wait?

Actually you should have setup the time frame when you applied for your sales tax permit. It is either monthly or quarterly. Most of the time it is quarterly and the payments are due on or before the 20th of the next month or 4/20, 7/20, 10/20, 1/20.

[ara.bentley]

ok thanks guys - I'll keep looking in the mail and I guess contact someone if I don't get anything. I am just nervous until i get the first one filled out and sent off...

Ryan, good luck with your MBA!

[SHIFTcanadian]

I wouldnt mind keeping my permits and what not, however while in school I will not be doing enough business to cover the estimated $1000 in business personal property tax which is why Im trying to close it down. The most I will make in a year is $1000 while in school.

Am I responsible for this even if I do no sales? Because If im not, then Ill keep the permits :)

[photopam]

You can file your sales taxes on-line. Mine are due Jan 20th.
And I have filed $0 for sales taxes before, when I was not doing any business. You don't owe a thing.

[photopam]

I forgot to add, you can always call the office and ask. They are very willing to help (at least the person I talked to was!) On their website, they have a lot of information, but it can be a bother to find exactly what you need, in a language you understand (for all us non-lawyer type!)