Should I apply for a small business, and what is the best way to pay taxes?

Should I apply for a small business, and what is the best way to pay taxes?
Last summer I started a small business selling merchandise via online. Before all the expenses, I make around $10,000 a month. Maybe about 60% is my net profit. I have not applied for small business account yet. Not sure if I should do or not. And what would be the best way to pay taxes. I am a single person with no kids... I really appreciate your helpful comments.


Answers:

isis_dreams2002:  well when myself and my husband ran our own business we contacted a accountant to setup pay as you go for the taxes so you can pay monthly instalments but on 10,000 in income you have the amount right that you keep but i would advise to ring a tax person about it. hope it helps Mandy
2008-01-22 21:38:18
mr perfect:  The first step is to prepare a business plan. Even if you will not be applying for a bank loan, a business plan helps you to think through your business - what it needs, who it will benefit, how much it will cost, and what is its potential. ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
2008-01-22 21:41:34
diblyhoo:  It sounds like you are very much a Small Business rookie. Best bet - go visit your local Small Business Development Center (SBDC) - the provide FREE counseling to help you get the right answers. seriously - they will help.
2008-01-23 18:31:55