OK i started a graphic design business this summer, i am in my junior year of high school. at first i didn't think i would earn more than twenty bucks hear and there, so i didn't take the proper steps of starting a business.
but now i make about 500 a month and i am about to sign a contract that will increase my income to 5,000 a month.
long story short i am stating to freak out because i don't have any thing set up properly.
i haven't paid any taxes on what i have earned and i haven't filled out any forms making my business legitimate.
so can some one set me straight i want to know what forms i should feel out for taxes.
i want to know if i need to register my business.
please if any one can help me i would be very great full, as i really don't want to get arrested for tax evasion or something.
if you don't know how to help me can you at least tell me who can. thanks
i am 18 so i am a legal adult
but now i make about 500 a month and i am about to sign a contract that will increase my income to 5,000 a month.
long story short i am stating to freak out because i don't have any thing set up properly.
i haven't paid any taxes on what i have earned and i haven't filled out any forms making my business legitimate.
so can some one set me straight i want to know what forms i should feel out for taxes.
i want to know if i need to register my business.
please if any one can help me i would be very great full, as i really don't want to get arrested for tax evasion or something.
if you don't know how to help me can you at least tell me who can. thanks
i am 18 so i am a legal adult