Internet-Marketing - Arm Yourself with Knowledge

Zoning Laws

Before you even apply for your online job or start your online business, you need to know if you can legally work from your own home. The odds are, that if you are going to be working alone, you will most likely not be affected by zoning laws, restrictions of an owners association or a tenant agreement unless you plan to stock and ship merchandise or unless you plan to have employees working for you at your home.

If your job or your business plan is to simply work all by yourself using your home computer, you will not likely be violating any body else’s space.

On the other hand, if you do plan to store inventory and ship merchandise or if you do plan on having employees working with you from your home, then you need to know what the local zoning laws are. You need to know if there are restrictions placed on you by an owner’s association agreement that you signed or on a tenant agreement or lease that you signed.

You need to gather this information and educate yourself before you step into the Internet jungle. You don’t want to get shut down before you even get started.

Tax Laws

You don’t want the tax man to get you. There may well be local taxes that you will be responsible for and reports that you will need to file when you are working from or running a business from your home.

There could be state taxes, as well. If you are selling merchandise, even electronic merchandise, you may well be responsible for collecting and reporting sales tax. You need to know this before you sell your first item.

Sales tax is supposed to be collected from the buyer of the merchandise by the seller of the merchandise and then reported and paid by the seller to the state and/or local tax entities.

You WILL owe the sales tax whether you collected it or not. Your tax bill will include not only the tax you should have collected from your customers but additional fines and penalties as well.

When you are employed online, you most often work as a contractor. That is...you are self-employed. Your employer will not be paying in part of your FICA. You are working for yourself and you are responsible for reporting your income and paying your taxes.

Your employer will supply you with a W-9 form at the end of the tax year. This form will show you the total amount the employer paid you. A copy of this form is sent to the IRS. It will include your social security number. There will have been no deductions made from the wages that you were paid so you will have to file a self employment form with your income tax returns and pay all of your own social security tax yourself.

This percentage is at 15.3% now. You will be responsible for filing quarterly reports for estimated earnings and making deposits based on those estimates.

It is a very wise thing to keep good records of your earnings, as well as, your expenditures. You don’t want to wait until it is time to file your taxes and find out that you need a lot more information than you have and you most certainly do not want to find yourself sitting across a desk from the dreaded tax man without being well armed with detailed and provable records. Ignorance of the law has never been and never will be an acceptable excuse. Penalties and fine can be really stiff. Keep good records!

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