Hi wonderfull CC ladies,
Okay. I need your help again .... I have been reading the different posts about getting a home-based kitchen licensed in Richmond VA. and I am half way with the process but I still have a few questions
I finally got my business licensed, registered and inspected.
now how I am suppose to deal with IRS and the tax, I apply for my EIN# and I have it.
what type I need to classify my business and what is the difference?
what form of tax do you I need to fill?
what is the deadline to fill the tax?
is there anything else I need to be aware of ?
I am trying to get legal
I really appreciate all of you input.
First, congratulations and best wishes for lots of business!
I would contact a CPA or accountant to help guide you with these questions. The IRS won't take, "they told me on CC to do it like that" as an excuse if you get incorrect info here and wind up being audited. Been there (thank you ex-husband), and it's not fun.
Yes, you need an accountant immedicately and you need to do some research before you actually start selling. You don't want to get in trouble because you didn't know all of the rules. Our local small business administration is a great source for us in our area to learn where to get information if you have one available.
Definitely get professional advice on the different ways to set up a business.
When it comes to "worst case scenarios" it can mean the difference of being able to be sued that would be limited to only your business or being sued where the person could own your house, your car, & ALL of your assets by the time they are done with you.
Its 100% worth the cost.
Hello Fellow Virginian :0)
At 1st in VA you will have to pay sales tax monthly. Once you get in the system it is quarterly; tax is due on the 20th of the month following the end of the quarter (April 20th, July 20th, Oct 20th, Jan 20th).
I registered as a bakery/food/catering business.
I file all my taxes online at www.tax.virginia.gov it's pretty simple & very conveinent.
There will be other taxes to file such as in your county. (In york county I pay a "property" tax twice a year, which includes all my equipment). Check with your local county office & they'll let you know what is required.
I also pay a business tax once a year & a litter tax as well, again once a year. (the litter tax is a state tax due in May every year).
As for the IRS once you file your EIN there's nothing really to do except pay your yearly income tax. We do this with Quicken Home & Business.
Best Wishes and give us a hollar if you need any thing else :0)
I'd file as an LLC if you haven't already.
You definitely need to talk to a tax attorney or to a CPA if you don't have any idea about how to do this. The state website can help you a little, but it sounds like you really don't know where to start, so you should have someone help you.
thank you very much for all of your reply.
Do you know a good CPA to start with in Midlothian area?