Are there any payment services online that allow you to setup a personal account with out a limit on how much you can receive? I ask cause I tried to setup a business account with my bank as doing small business. However, the government is now forcing you to register and pay $20 to receive a cerficiate. It doesn't stop there- but they want to tax me for everything- such as they'll send me paper work asking how many rooms I have, any furniture I might have and etc. All I wanted to do was run a small business out of my home doing some Internet projects. But no, government has to be a pain in the butt. So, I am trying to setup personal accounts to receive unlimited funds. I don't want to go thru all the BS to setup a small business account.
What makes you think your country is special ? As long as you do business in any country, you are subjected to income tax even if it is freelance income. Some countries may exempt you from tax if you earn under a certain amount. Taxation is what helps the government survive and the income from tax would be used to pay your government officials and fund infrastructure development, social services and all those resources in your country. If you earn an income then it should be your social responsibility to help contribute back to your economy. What country are you from anyways ? Even if you set up a Paypal Premier account (which allows individuals receive unlimited funds if you are verified), you still need to declare income that you make for income tax purposes like all the rest of us.
I am from the USA. Yes, I understand taxes need to be paid. But what's all this BS my state sending asking about property, funiture and etc? I just want to setup a bank account as my name doing small business as... Just doing work out of my apartment. Why do they need to know property and all that crap. That has nothing to do with installing scripts and designing web pages.
Well, you can always set up a Paypal Premier account in that case. That allows private individual to use Paypal to receive payments for. I am not sure about your state law but it might be used to determine your asset level and thus determining what your tax bracket is and what your deductibles are. In most countries, if you are doing a business, you can write off certain expenditure and take into account depreciation by reducing your total tax liability. This is something a private individual would not be able to do so.
Most states have a Personal Property Tax, which is based on the supplies and equipment used in your business that you have on-hand each January 1st. In Utah, the tax is pennies, amounting to about $12.00 a year. They are not talking about your personal household possesions, only those used or aquired for use in your business.
Well, I am trying to get ideas My only expenses for my small business would be my computer and the cuteftp program I use. I've never done a business before. Just done some online web stuff and got paid. This was for local businesses. Now I'd like to start doing more CSS and SEO work for others out of local area. However, paypal has that $500 limit for personal accounts. I am just trying to learn how to setup a small business acount with out getting taxed to HELL. Don't mind paying taxes, but I don't need to be taxed for using my funiture, house and etc.
I don't see how you can be taxed more than what you earn. Which state are you in ? Maybe that would help as others from the same state can provide you with more concrete and specific answers.
I live in the state of MA. I was also wondering how the below examples works: Say if I have $100,000 in my small business bank account. I'd like to buy a new car. How do I withdraw the $$$ from the business account to use for personal expenses with out being penalized?
Hi, Still need help I live in the state of MA. I was also wondering how the below examples works: Say if I have $100,000 in my small business bank account. I'd like to buy a new car. How do I withdraw the $$$ from the business account to use for personal expenses with out being penalized? Reply With Quote