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  #1  
Old March 11th, 2005, 07:43 PM
royaljam royaljam is offline
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Taxes help

Hi, I have a few questions.
I own an online business which generates a large amount of profit a month(about 8-9 grand).
I opened a corporation which was effective on 1/1/05. I have not really been keeping track of receipts etc, but I know how much profit was generated each month. Currently my method of online payment is through Paypal.
My question is, what would I need to pay taxes on, my profit? Also, if I am asked for 'proof', what do I show? My bank statement? Do I have to pay taxes on sales, if so how would I pay taxes on sales if I am not aware how many sales I got that particular month?

Any help would be appreciated.

Thanks.

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  #2  
Old March 11th, 2005, 08:02 PM
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medialint medialint is offline
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If you are making $8-9k a month you must hire an Accountant. There's really no ifs, ands, buts about it. After this person chews you out for not keeping good records, s/he will work with you to keep the most money you can legally keep. Talk to other business owners and your contacts in your area for recommendations for a good Accountant.
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Old March 12th, 2005, 06:27 PM
Corey Bryant Corey Bryant is offline
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if you are in the United States - and making more than $1,000 a month, a merchant account is usually cheaper and will provide you your funds a lot quicker.

If you are in the US and need an accountant, you might check out www.scgfs.com

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Old March 15th, 2005, 02:31 AM
HyTekJosh HyTekJosh is offline
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It is beyond me why you do not have an accountant at this point! You are crazy for not recording things and that is going to bite you in the *** if you cannot reconstruct everything.
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