Week 6

This week was intimidating again. I was pretty tricky to learn about all of the licenses and taxes, so I’m glad I had the whole week to go over it. I was able

I was able to learn about how even when you start online businesses you still have to file for licenses and permits and taxes.

Some of the specific ones I learned that I will need are one for my business name. I will need to register my Assumed Business Name with the Secretary of state or at http://www.sos.idaho.gov. I didn’t even know this was a thing that small businesses did.

I will also have to obtain an Idaho sales tax permit. I can apply on-line using a Form IBR-1. I will have to charge sales tax with this permit. Apparently if you are the last salesman of any product, you have to charge this tax.

As far as income taxes to the IRS go, because I have a sole proprietor business, my income taxes are the same as they always are.

I will also have to fill out forms to file Idaho individual income tax returns; and some additional business income tax forms may be needed.

 

Lastly, I finished building my website this week. It is up and running. I learned that I need to make sure I have the time to research templates and tools for building websites because it can take a lot of time.

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