Orca Lover
New member
I just wanted to see if I could find out what business tax is in some other states for small business owners. I have that whole "my future" to think about!!! Seriously, who does that?
OL
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Business taxes
- Thread starter Orca Lover
- Start date
Whiskers
New member
I had a business in New Jersey for a number of years. They have a corporate tax that all incorporated business's have to pay. We closed the business, because it wasn't making any money any more. This was a business that supported my family and I. 3 years after closing the doors, I get a phone call from the division of taxation telling me that I haven't filed the incorporation tax forms. I explained that we had been out of business for over 3 years. He told me that I had to De-incorporate the corporation (that cost about $1000). I explained that we didn have $1000 to do this with. After discussing this over a couple of months he told me that I had to at least file the forms, and pay a minimum tax of $25. I agreed to do this, during this conversation, he said, I had a $2700 credit with the bureau of taxation due to overpayments. (I found out later the accountant was trying to keep us out of trouble) I thought that was great, and told him to send me my $2700 and I would deincorporate, and be done with it. NOPE, this tax is not refundable..I would have to use the credits up. Therefore I don't have to pay this stupid tax for the next 108 years. I only have 99 years of credits to go. Seeing as I will be 152 when the tax will be done, I think I will let it ride. Just another tax horror story.
WH's OutdoorsChick
New member
Just wondering Orca, what are you thinking about doing in the future to make a living?
Delw
Member
Depending on the business and how profitable will depend the tax rate.
you can file as a corporation or sole proprietor.
We have always done so as a sole proprietor, very few time weve had to pay taxes, this is due to how your accountant works your taxs. Our machines were extreamly expensive so we had alot of write-offs.
In our state I dont think there is a so called business tax, other than the state and federal income tax. April knows all about this stuff.
Delw
you can file as a corporation or sole proprietor.
We have always done so as a sole proprietor, very few time weve had to pay taxes, this is due to how your accountant works your taxs. Our machines were extreamly expensive so we had alot of write-offs.
In our state I dont think there is a so called business tax, other than the state and federal income tax. April knows all about this stuff.
Delw
