This section of the forum is for discussing the business and finance issues of the t-shirt industry. Which business structure to use (sole proprietor, LLC, S Corp, etc), how to handle billing, where to register your business and get the proper licensing, etc.
i am filling out the form for michigan sales tax # and it asks the month my tax year ends? i started my business in may 08. it is a sole prop. do i just file for taxes normally as i do every year? so does my calendar year end in dec? any help is appreciated
if you're a sole proprietor, you'd probably want to stick with december, since that's the year your personal tax year ends too. and as a sole proprietor, the two are tied together.
you file taxes normally but also file a schedule C and various other forms, depending on what you have going on. depending on how much profit you expect, you might want to start paying quarterly estimated tax on your business earnings.
best things is to find an accountant to give you advice and set things up properly from the start.
end of fiscal period, so your earning period.
as mentioned by baum december is the safest. the reason why reporting
periods vary is mainly because not all businesses finish their work season in december
i.e. if your a fishing company that has a specific june-august fiscal period,
Thanks for all of your help people!!! i was leaning toward december but wanted to double check. i am just a small sole prop. with nothing fancy going on right now just getting started. thanks again for the quick responses!!
i recently filed with Virginia as a business (DBA I am sure) and they say I have to file taxes monthly? HUH?! Are you serious? So I pushed my start date out to a few months from now when I am sure I can start, in case it takes longer, and if not, then i switch start date earlier, but what is this entire month thing about? Does this mean I have to file taxes every month? Whats the easiest way to do this????
i recently filed with Virginia as a business (DBA I am sure) and they say I have to file taxes monthly? HUH?! Are you serious? So I pushed my start date out to a few months from now when I am sure I can start, in case it takes longer, and if not, then i switch start date earlier, but what is this entire month thing about? Does this mean I have to file taxes every month? Whats the easiest way to do this????
It sounds to me that they were talking about filing sales tax.. and yes the state sometimes has people file them monthly..
I file my sales taxes quarterly.
The people who you do the dba with really have nothing to do with the IRS but do have to do with sales tax or even perhaps county or state taxes..
Its best to ask them for an explaination.
sue
Thanks Sue! That actually helped tell me where to go. I had all these thoughts about running around callng everyone from my accountant to VA Copyright office. LOL man, it really shows I am a newbie. gooooooooooood god! LOL
tax year start/end? 
Re: tax year start/end? 
Re: tax year start/end? 
