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Anyone here good with taxes?

Discussion in 'The Lounge' started by balzackks84, Jul 18, 2003.

  1. balzackks84

    balzackks84 1/2 ton status GMOTM Winner

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    Location:
    portland, oregon
    Me and my buddy are thinking about starting a buisness and are curious as to how the taxes are going to be. If me and him are the only ones working and sole owners, about how much of what we bring in is going to be taxed? Or would it just be like the normal 30%?

    The buisness will only run off of cash and will basically be an internet cafe. So its more of a service thing, if that makes a difference.

    How complicated would it get if we decided to hire someone on down the line?
     
  2. the cork

    the cork 1/2 ton status

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    i wouldnt go into buisness without talking to a cpa about
    different options as far as taxes go, incorperating etc,
    and the liabilities of having employees, its the real deal
    when your dealing with the state, /forums/images/graemlins/deal.gif
     
  3. 82diesel

    82diesel 1/2 ton status

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    Location:
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    if it is a partnership, you pay taxes the same as your taxbracket. If you incorporate, you only pay taxes on your paycheck and if you sell stocks.
     

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