Q: I'm tring to open a business and I'm tring to figure out what's taxable and what's not and if it is what's the tax
A: Tax law is certainly complex and depends entirely on your factual situation. It's commendable that you're inquiring about your tax obligations at such an early stage. Getting these systems down will greatly benefit you in the long run.
The IRS publishes small business guides that provide some insight you may be looking for. They can be found at irs.gov. For example, Publication 334 is a tax guide for small business. Publication 535 is for business expenses.
Choice of business entity, such as sole proprietorships, partnerships, C-and S-corporations also come with significant tax effects and additional complexity.
If the IRS publications are still confusing, you can seek a tax professional to explain it to you. Many accountants are good at this sort of thing. Tax attorneys, like myself, are also a resource you can use. The good thing about tax practitioners is that we can practice tax in all 50 states.
I wish you well on your business!
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.