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Home Business
Do I have to pay taxes if I run a home based business?
I am starting a small business out of my home. I am writing up a business plan and am trying to decide if I have to pay taxes on this business. I project that I will net $5,000 to $7,000 for my first year.

Asked by pilopez
Posted: Tuesday, September 04, 2007  |  Found in Home Business


More answers by Nina Kaufman
Answer by Nina Kaufman
Yes. Taxes are based on the amount and sources of income and the types of products or services sold, not the location of the business.
Nina Kaufman has a New York City-based boutique law practice and is president of Wise Counsel Press LLC, which produces legal information products for entrepreneurs. She writes the Making It Legal blog and the Business Law Advisor column for WomenEntrepreneur.com.

Note: This response is for your general information only. Be sure to consult with an attorney regarding your particular situation to get the advice you need.



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