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starting a business

I am wanting to turn my hobby into a business. I am worried about all the extra stuff that goes along with it for tax purposes. I am not smart in that area. Did any of you have problems adjusting when you started your business? Would you do it over again? Was it all worth it?

 
Anonymous

Asked by Anonymous at 11:39 AM on Dec. 28, 2010 in Money & Work

This question is closed.
Answers (6)
  • Talk to an accountant they will give you the down low
    pinkdragon36

    Answer by pinkdragon36 at 11:42 AM on Dec. 28, 2010

  • In my state, all you need to do is keep track of sales tax and then pay it to the state at set times during the year. Then we have an account do our taxes at the beginning of the year to make sure everything is correct.


    Yes, being your own boss is well worth it.


    If you need help starting or running your business, check out this CM business group.

    HotMama330

    Answer by HotMama330 at 12:27 PM on Dec. 28, 2010

  • You can get info you need from an accountant, online by just Googling it, plus there are good books on it. It is well worth it and not too difficult. Keep good records on everything. GL!!
    elizabr

    Answer by elizabr at 12:39 PM on Dec. 28, 2010

  • If you keep good records and do clean precise bookkeeping it's not difficult. And owning a business can be very worth it. Our carpet cleaning business....which is part time did roughly $45,000 this year. It doesn't seem like much but it's just us and with our machine the overhead is very low. We already landed one $25,000 commercial contract for 2011 and we are currently working on others, so right now we are already projecting to triple or quadruple our gross in 2011....as well as a new office (our house is zoned for business and we have a garage apartment that will be converted), employees and more equipment out there.

    So yes it can very much be worth it!
    Mom2Jack04

    Answer by Mom2Jack04 at 1:09 PM on Dec. 28, 2010


  • www.sba.gov and www.score.org will give you all of the help that you need.


    rkoloms

    Answer by rkoloms at 8:52 PM on Dec. 28, 2010

  • I have an opportunity to share with you that involves enhancing others lives while enhancing your own in the process by promoting safer products for you, your family, your home and the environment.

    It is a sales job or MLM. There is no inventory to maintain, no large investment requirement and you can cancel at anytime! Put simply it is a small business opportunity that just makes great sense!

    If you'd like more detailed information I'd be more than happy to set up an appointment with you to share this opportunity with you. Please feel free to call me at 757-773-5748 or PM me.

    I look forward to hearing from you and have a great day!
    dlawrenceind

    Answer by dlawrenceind at 12:17 PM on Dec. 30, 2010