I am planning to start an ecommerce website which I will sell items that actually the manufacturers will directly ship. So I will not hold any inventory. How about the taxes? I am in new jersey and my business is registered in new jersey but the manufacturers that will ship the products are all over the country. Am I required to collect sales tax? If so how, and do I record the amounts?
I have an LLC business which I founded formally 4 years ago and right after that opened a checking account with a major bank. I then opened two more checking accounts last year. The first one I opened with the major bank is charging me a fee and I am not happy with that. I want to close that account because I now have other account for my business anyway. My question is, if I close the account with the major bank, might there be a negative effect later? Because that account is the oldest account for my business. I had heard the older the account the better it is for you, but does it really matter?
I have two things going on:
I am working as independent contractor for a staffing firm, which they hire me to a big company, say company A. So I work full time in company A, I go their office 40 hours a week. Didn’t even see the staffing firm’s office yet anyway. The supervisor I work for in company A approves my timesheet every week, which I send to staffing firm and the staffing firm pay my checks every week. The staffing firm withholds my taxes and send my W2 but I don’t have any employee benefits whatsoever such as vacation or health insurance etc…
The other thing I have going on is an LLC company, which is totally irrelevant than the work I am doiong as the contractor. It just started as a hobby and then I made it an LLC business and it is basically based on a few websites that I have which I update in my free time to make ad revenue, as a secondary income on the side. I might also start ecommerce soon. I own that LLC 100%. I do a schedule C for it every year and attach to my personal return, that’s it.
Based on this, I have the following questions:
1- For which of these am I considered self employed, and I need to pay self employed tax?
2- For the contracting work I am doing, can I deduct transportation costs for example? What if those things I deduct are less than my standard deduction? What kind of other costs can I deduct, if I can?
3- Am I considered an employee of the LLC? If so what do I need to do? I didn’t do any paperwork for myself being an employee there.
4- If I buy health insurance, what is the best way? Can I buy it thru my LLC for instance and pay less or can you advise me what to do? I currently have no health insurance and feel concerned about it. What is the best way?
Thanks in advance