JM Graphics

Location: MD (Maryland)

Hey well i used to work for a vinyl shop and then they closed down so now i'm unemployed from it and have already purchased a vinyl cutter, heat press, vinyl and thermo flex heat vinyl to start up my own thing because the shop was actually selling that equipment.

Now the small business will include myself only, no loans at all for it and i will be based out of my apartment I've been living in for over a year so there won't be people coming in/out of my place like a storefront or anything. The shirts will be made in house and i plan on doing vinyl/shirts for contractors, car clubs and small-medium things of that nature.

I'd like to know do i have to get a business license and tax id without even knowing how much money i'll be bringing it at first or should i wait a year or so? I just do not wanna be paying taxes on very little income.

I have searched here BLIS - Welcome to Blis and am very confused as to what a vinyl/shirt shop would be classified under. I don't know anything about taxes really and would like to know things to do so i don't owe at tax time and i'll be recording all my invoices using micro small businesses invoicing system.

Thank you!

 

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Rodney

Quote: I'd like to know do i have to get a business license and tax id without even knowing how much money i'll be bringing it at first or should i wait a year or so? I just do not wanna be paying taxes on very little income.

Yes, you need to get a business license if you are starting a business.

You shouldn't try to get out of paying taxes. It will come back to bite you.

Just start the business off right with all the documentation and proper licenses and it will make it much easier to get the things you need done (like buy t-shirts wholesale).

Quote: I don't know anything about taxes really and would like to know things to do so i don't owe at tax time and i'll be recording all my invoices using micro small businesses invoicing system.

You may want to look into hiring an accountant to explain things to you. The money you pay will be well worth even for the peace of mind so you know you're doing things right.

You can read some nice tips here by reading these threads:

http://www.t-shirtforums.com/tags/taxes/
http://www.t-shirtforums.com/tags/accounting/

Quote: I have searched here BLIS - Welcome to Blis and am very confused as to what a vinyl/shirt shop would be classified under.

Read this thread: NAICS Number for Vinyl / Transfers?

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binki

I wouldnt worry about paying taxes. You will have a lot of expenses that will use up anything that you make. If you are serious, start a C-Corp. You can give yourself all kinds of non taxable benefits while you are growing. The only catch is that you have to offer these same benefits to all employees.

 

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