Wednesday, July 20, 2011

Tax questions from a 15 year old starting a home-based internet-retail clothing business?

Hey everyone. A group of friends and I have decided to start a clothing line out of my home, selling T-Shirts online that we've solely designed. I realize that tax laws differ from state to state, but I'm just curious as to what types of taxes our company would have to pay. We will buy the T-Shirts locally from a printing press business, then sell them for profit online. It is based out of my home, and we plan to evenly divide profits among ourselves. I was just curious as to how our taxes will work, and what taxes we'll probably have to pay. Any help? I'm extremely stressed out because of this, and so worried that we'll make a stupid mistake that will ultimately end in tax evasion fines. Any help whatsoever would be greatly appreciated.

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