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Owning a business and taxes?

I want to open a business and I was wondering about taxes. On average how much of what I make goes to taxes? I don't have products (I offer services) so I don't have to worry about sales tax. I realize that every state has different laws and rules but I was just trying to get a ball park figure on what to expect.


Asked by Anonymous at 12:15 PM on Jul. 17, 2010 in Money & Work

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Answers (3)
  • Is it a Physical Business at a location..or from home...From home is very different..with a Business you will need to consult an home, you will get a 1099, save any and all receipts for just about everything from monthly expenses towrds the business etc. and you don't really need to set aside tax money until you get going...but roughly 15-20%

    Answer by Happymom2-2 at 2:26 PM on Jul. 17, 2010

  • Check within you local better business bureau, and the commonwealth business commission, and talk to the tax people at your office of taxes. Probably just wait until you file, they'll let you know..... Nice question...

    Answer by coffeeyum at 12:23 PM on Jul. 17, 2010

  • Speak with a tax advisor; you may be best off as an LLC.

    Answer by rkoloms at 7:15 PM on Jul. 17, 2010