Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 10-05-2017, 02:45 PM
Junior Member
 
Join Date: Aug 2017
Posts: 2
Amazon FBA Seller Sole Proprietor Tax Req's

As an Amazon FBA seller (sole proprietor) based in Orange County, CA, what are all of the taxation requirements I need to comply with legally?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 10-06-2017, 03:31 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
yu need to fiel yoiur return once the amounton Sch C linr 29 / 31 is 400 or exceeds $400 and also need topay seca tax aslongas the amount on sch se line 2 / 3 is also $400 or exceeds $400;howeer, Individuals, including sole proprietors, generally have to make estimated tax payments if they expect to owe tax of $1k or more when their return is filed; You don?t have to pay estimated tax for the current year if You had no tax liability for the prior year;You were a U.S. citizen or resident for the whole year;Your prior tax year covered a 12-month period, if you didn?t pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax. Generally, most taxpayers will avoid this penalty if they owe less than $1k in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller.but many small biz owners actually do not pay estimated taxes since penalties are minimal aslongas their tax liabilities are not very high.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Sole proprietor and an LLC soloirie Sole-Proprietorship 1 02-09-2015 11:29 PM
Need help on a sole proprietor question klynn1 Sole-Proprietorship 0 11-09-2014 02:26 PM
Sole-proprietor vs employee mng1986 Sole-Proprietorship 1 02-10-2013 01:13 AM
1099 for multiple DBA's of same sole proprietor slbrown68 Sole-Proprietorship 1 02-03-2010 01:18 AM
Help with New Sole Proprietor tax deductions kss2703 Sole-Proprietorship 2 01-30-2009 10:22 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.