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Sole Proprietor taxes?

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  • Sole Proprietor taxes?

    I am starting an online business....selling most of my products to the mainland and overseas..online.

    I'm not sure what taxes I will have to pay??? Do I only have to pay GET and then personal income tax???

  • #2
    Re: Sole Proprietor taxes?

    How substantial a business are you planning? A full-time, lifestyle sustaining enterprise, or just a thing on the side, a step above selling stuff on eBay? If the latter, depending on the thresholds, you might be able to remain an individual taxpayer and just declare (and save up for) a Schedule C/1099 declaration. Collecting GET, reconciling and filing under a business license, is not my idea of a good time.

    Not that I have any idea what I'm talking about. I have a sole-prop business license, but I haven't done a thing with it. I just file big fat zeroes when the forms come.

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    • #3
      Re: Sole Proprietor taxes?

      It will start out as a small business on the side...not my main income. But it might have potential to become my main income. Monthly sales of about $2500 to start with. I have a sole-prop business license.

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