Does anyone know how to go about getting a license and tax forms? I received my IRS #, but am confused on what the next step is. I am in Arizona where they just passed the food cottage law. I followed all the steps with the state, but want to make it legal with IRS, so I can use my business expenses as a deduction on my taxes.
Any help would be appreciated!
Check with your local tax dept to see if your product is taxable and at what rate. They should set you up with the paperwork for sending in the tax monthly or quarterly. Then check with the HD to see if registration is required. You may also need a business license for the area where you work.
This is general, as I'm not in your state, but these agencies will be able to guide you. Good luck in your venture.
Do you mean make it legal with federal IRS? If so, and if you are a sole proprietor, you fill out the Schedule C form. Your deductions (expenses) are entered there. The final amount [income-expenses= your profit] becomes your income and gets added to the 1040. Remember to keep all receipts.