Online Business Taxes - A Common (And Fatal!) Mistake! @TenTonOnline

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Transcription:

pay taxes for online business

Here's a question that sometimes gets asked: "Do I need to pay any state or local taxes with an internet-based business...where my customers order online and then I ship them the product?"

Because tax laws vary so greatly state to state, province to province, country to country, I can't confidently answer that with any degree of certainty. Frankly, I'm not a tax expert in your specific geographic jurisdiction!

Yet what I can tell you is that very, very likely yes you will need to pay taxes with your online business. Broadly speaking, tax laws apply to online businesses in your geographic jurisdiction in the same way that they'd apply to a more traditional brick-and-mortar business.

Now I understand that if you're just starting out, all of this can seem daunting and overwhelming. But consider this: You're not the first person in your area to start an online business!

Many, many people have gone before you, so there's already rules and laws in place. All you need to do is pick up the phone and ask your accountant. Just say something like...

"Hey, I want to start this online business. This is what I'm going to be selling. I'll be shipping to customers all over the world or only in the United States or whatever...what do I need to know about taxes?"

And your accountant should be able to give you a clear, simple answer...and it's very likely way, way easier than you think.

Years and years (and years and years!) ago when I got started, I did just this. My accountant basically said...

"Well, unless you expect to earn a significant amount, we'll just put it all under your personal taxes for now. You'll have to charge provincial tax on any orders that originate within Ontario, and you'll have to charge HST for Canadian orders. For international orders, you wouldn't collect tax. That's it."

So again, if you're just staring out I know it can seem daunting...but it's a phone call, not an impenetrable barrier. Don't let this stuff stop you, cuz it really isn't that complex.

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