im running an online catering business from home. do i still have to register my business? what about taxes?
do i have to register my online catering business?
Yes, you need a business license and you do have to file an annual tax return for your business. In most cases, even small businesses are required to remit quarterly federal income taxes to the IRS. In the first year of operation, you won’t be submitting quarterly payments. After that first year though, the IRS will make an educated guess on how much federal tax you are going to owe the following year, and they will require you to submit quarterly payments based on that estimate.
To get and maintain your business license, your premises will have to be inspected by the local agency responsible for health and food safety as well. They usually will want to inspect once or twice a year to ensure that proper food handling and storage procedures are in place.