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.

Nina Kaufman answered September 4, 2007|

Comment

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.

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Nina Kaufman

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Nina L. Kaufman, Esq. is an award-winning New York City attorney, edutainer and author. Under her Ask The Business Lawyer brand, she reaches thousands of entrepreneurs and small business owners with her legal services, professional speaking, information products, and LexAppeal weekly ezine. She also writes the Making It Legal blog.