Do you have to report an online business to the irs or just as long as you pay taxes on your income is ok?

It all depends on how you formed your business.





If it is something you did yourself, as a sole proprietor, and you are the only one working with the business then you really don't need to do anything further than reporting the income and expenses on your schedule C.





If you had formed a legal partnership or corporation you will need to file the appropriate tax form each year.





AND if you have anyone else working for you, especially non-family, you need to get yourself a FEIN (Federal Employer Identification Number), withhold payroll and income taxes, register with the state and pay both levels of unemployment (depending on the state). If you have reached this level of complexity, I would contact a CPA or other bookkeeping firm that can get you on track.





Like to self read? There is plenty of information at the IRS website. :) Good luck!!
Do you have to report an online business to the irs or just as long as you pay taxes on your income is ok?
income is income


it does not matter where it comes from


(that is how they get drug dealers- tax evasion)
Reply:yes you have to report it. any and all income needs reported.