Re: OT: Business Income TAX?

Posted by John (C-IL) on November 16, 2003 at 04:33:23 from (63.250.73.164):

In Reply to: OT: Business Income TAX? posted by Rod M1 on November 15, 2003 at 19:50:20:

I farm and have a small business (Custom Application). You need to do a lot of research before getting into a small business. THe good news is there is a lot of help and information out there for you. TAXES TAXES TAXES. One of the joys of owning a small business is paying taxes. If you are an unincorporated sole proprietor you will pay state and federal income tax, self employment taxes and if you are selling a taxable item you may have to collect sales taxes. If you have employees you open a whole new can of worms. Suffice it to say that you need to plan on paying 30% of your net taxable income to the state and federal government. Proprietorship is what makes this country great, go for it.

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