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.
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.