What is taxable?

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Going to start a small business doing small residence stuff (fencing, gates,ect). Also some custom stuff like wood racks, bumpers,ect. What is taxable? or when should I be charging taxes.
Reply:Wouldnt this be a question for your accountant?If you dont have one, and your planning on doing your business taxes yourself then you should be able to figure out the answer.Have we all gone mad?
Reply:Originally Posted by sn0border88Wouldnt this be a question for your accountant?If you dont have one, and your planning on doing your business taxes yourself then you should be able to figure out the answer.
Reply:A GOOD business accountant/CPA/EA will be the best money you ever spend (or don't when it comes to taxes).http://all-a-cart.comWelding Cart Kits and accessories
Reply:Originally Posted by AsolisGoing to start a small business doing small residence stuff (fencing, gates,ect). Also some custom stuff like wood racks, bumpers,ect. What is taxable? or when should I be charging taxes.
Reply:It's not taxable if it's for resale.  There are a few other exemptions.  Where I work, in the maritime industry, most of the things we buy for the boat are non-taxable.  Our rule of thumb is that if you turn the boat upside down and it doesn't fall out, it's non-taxable.  Of course I'm in California and the rules vary by state.
Reply:In Ontario Canada the rule is simple, 'If it exists, it's taxed... until it no longer exists!'Rick V 1 Airco Heliwelder 3A/DDR3 CTC 70/90 amp Stick/Tig Inverters in Parallel1 Lincoln MIG PAK 151 Oxy-Acet
Reply:Originally Posted by ZTFabA GOOD business accountant/CPA/EA will be the best money you ever spend (or don't when it comes to taxes).
Reply:Originally Posted by Rick VIn Ontario Canada the rule is simple, 'If it exists, it's taxed... until it no longer exists!'
Reply:Originally Posted by AsolisGoing to start a small business doing small residence stuff (fencing, gates,ect). Also some custom stuff like wood racks, bumpers,ect. What is taxable? or when should I be charging taxes.
Reply:in Oklahoma labor is non-taxable, parts/supplies are taxed unless for resale then buyer must have a fed.tax number, and pay tax once a month to tax comission when i do props i buy paint ,consumables, and such i pay the sales taxand charge customer labor plus shop supplyscheck with your state tax comission for youe areaidealarc 250/250 ac-dc tigidealarc 250/250 ac-dc tig #2 used for sticklincoln sp100hh125dual arbor grinder polisher30 yrs of hand tools52 pitch blocks 6p-26prake gauge -pitch gaugeG&D prop repair 918-207-6938Hulbert,okla 74441
Reply:These answers are not tax exempt-determine your financial benefit derived from answers and include it as "disposable income" on line 30.
Reply:Originally Posted by KnotboredThese answers are not tax exempt-determine your financial benefit derived from answers and include it as "disposable income" on line 30.
Reply:Just started my part time business last Friday here in Wichita Falls. The lady at the comptroller's office gave me tons of info. She also showed me a part of the "window" website that has letters, questions, and court minutes from tax situations that happened in the past, so if someone has experienced a problem similar to one you might come upon, you can read about what happened to that person, how it was resolved, etc.-Any consumables that you purchase for a job, you don't pay taxes on.  Unfortunately this doesn't work for tools of the trade i.e.: welder, truck, grinders, etc.  They gave me a form to take anywhere I purchase my rods, wire, grinding wheels, etc that exempts me from paying taxes.-Most agriculture work is tax exempt (but not all). If you work on farm machinery, and it was tax exempt for the owner when they bought it, they you don't charge taxes to repair it. There is everything you need to know on the pages Monica posted. It appears there are a lot of fine lines, read as much as you can.BrettUSAF SSgt - Explosives ExpertHobart Handler 187Hobart Airforce 4001989 Lincoln SA-200 Classic I
Reply:Refer to Stevie Ray's song for a list.....Cheque= tax Cash=none200amp Air Liquide MIG, Hypertherm Plasma, Harris torches, Optrel helmet, Makita angle grinders, Pre-China Delta chop saw and belt sander, Miller leathers, shop made jigs etc, North- welders backpack.
Reply:Short but real answer:  Since the tax laws and rules and regulations vary all over the place from region to region, (and often from year to year), contact a knowledgeable tax 'specialist'.  CPA, tax attorney, etc.  A longer answer:  Since tax laws and rules and regulations vary all over the place from region to region, and often from year to year, contact a knowledgeable tax specialist to find out what is applicable for you and your locale.  You may have to contact and pay for more than one 'specialist', because of the HUGE amount of rules and laws and regulations and paperwork at the federal and state and local levels that are either there or possible.btw, business folks. A Heads-Up.  Saw a news article about how the 'Health Reform' law slipped in a paperwork change for businesses regarding taxes and such.  All businesses will have to keep records and paperwork for/from ALL suppliers/vendors, including TIN's, for purchase of goods or services from any supplier/vendor for any and all puchases that exceed $600 per year TOTAL and report such to the IRS via 1099's.http://www.msnbc.msn.com/id/38492177...sonal_finance/NoBama and the Dems somehow think that they will 'magically' turn up $19 Billion over a decade because they somehow think that (small) businesses are underreporting taxes and taxable transactions to the tune of $2 billion per year.  The best laid schemes ... Gang oft agley ...
Reply:Why not go for the short list = "what isn't taxed" ?"The things that will destroy America are prosperity at any price, peace at any price, safety first instead of duty first, the love of soft living and the get rich quick theory of life." -Theodore Roosevelt
Reply:A poem... by author unknown.Tax his land, Tax his bed, Tax the table At which he's fed.   Tax his work, Tax his pay, He works for peanuts Any way!   Tax his cow, Tax his goat, Tax his pants, Tax his coat. Tax his tobacco, Tax his drink, Tax him if he Tries to think.   Tax his car, Tax his gas, Find more waysTo tax his ***.   Tax all he has Then let him know That you won't be done Till he has no dough.   When he screams and hollers; Then tax him some more, Tax him till He's good and sore.   Then tax his coffin, Tax his grave, Tax the sod in Which he's laid.   When he's gone, Do not relax, It’s time to apply The inheritance tax.Rick V 1 Airco Heliwelder 3A/DDR3 CTC 70/90 amp Stick/Tig Inverters in Parallel1 Lincoln MIG PAK 151 Oxy-Acet
Reply:Keep it small (side work), accept cash only, no checks just dead presidents and don't give a penny to the gov. They'll find a way to take it from you, don't offer it up.If you will be doing more than side work, get an accountant."Where's Stick man????????" - 7A749"SHHHHHH!! I sent him over to snag that MIC-4 while tbone wasn't looking!" - duaneb55"I have bought a few of Tbone's things unlike Stick-Man who helps himself" - TozziWelding"Stick-man"
Reply:Originally Posted by MoonRise... somehow think that (small) businesses are underreporting taxes and taxable transactions to the tune of $2 billion per year.
Reply:Originally Posted by MoonRiseAll businesses will have to keep records and paperwork for/from ALL suppliers/vendors, including TIN's, for purchase of goods or services from any supplier/vendor for any and all puchases that exceed $600 per year TOTAL and report such to the IRS via 1099's.... because they somehow think that (small) businesses are underreporting taxes and taxable transactions to the tune of $2 billion per year.
Reply:Originally Posted by Rick VIt's likely to get worse...I have a friend in the one-handy man, home-renovation business.  Recently, the new harmonized sales tax in the province rose to 13% on all goods and services.  He bitterly complained to me about all the added paper-work to keep things proper for tax purposes.'Rick, it's nuts!  The way it's going, it's easier to have the buyer purchase the materials and pay me cash under-the-table for doing the service.  Cheaper for him, more profit for me and I waste none of my valuable work time doing useless/unpaid paper work.  You know, I expect this added tax will push a lot of small business to go this route.'