Extra • economics24.com

September 7, 2008

What kind of business license do I need for an internet business or ebay business?

Filed under: Small Business — Tags: Business License, Business Planning, Ebay, Ebay Business, Extra, Gift Baskets, Internet Business, Investment, Local Business, New Babies, Types Of Businesses, Wedding Baskets — admin @ 3:09 pm

The Invisible Woman asked:

I am planning a business. I will start out with baskets for new babies and if all goes well I will make the extra investment for wedding baskets, and then so on and forth. By baskets I mean gift baskets. I have researched local business license, but I am not sure if a local business is the right way to go, so I am thinking internet or Ebay. What kind of license do you need for these types of businesses.

Comments (5)

June 13, 2008

Are there tax benefits if I get a business lisense for selling things on online auctions?

Filed under: United States — Tags: Business Expenses, Business Online, Business Selling, Business Tax, Business Taxes, Computer Equipment, Extra, Lisense, Money Back, Online Auctions, Online Business, Pay Taxes, Pros And Cons, Selling Business, Start A Business, Start Business, Tax Return, Tax Returns — admin @ 7:54 am

Jack asked:

I’m thinking about turning my online selling into a business, and I’m trying to get a feel for the tax-related pros and cons of making it official.

Here are 2 questions:
(1) I understand that I can write off business expenses on my tax returns. That includes computer equipment, trips overseas to purchase merchandise, etc. But I’ve never itemized my tax return before. Would I get more money back if I start a business, and then itemize my deductions rather than just taking the default deduction like I always do?

(2) If I make my online selling into an official business, will I have to pay extra business-related taxes?

Comments (2)