Starting a 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.
Opinions expressed by Entrepreneur contributors are their own.
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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