DDRguymansir asked:
I’d like to setup a home business by myself selling candles from home. I’d be operating from home and would be retailing them directly to any consumer who’d want to buy, as I made them.
Any special licenses or permits I’d need?
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that would depend on the town/county you reside in and will be doing business in. Most counties require you to fill out a short business application and pay a fee to have your business registered. Make sure to check your local municipality. good luck!
You can go on line and visit your state department of revenue. Usually under the department of revenue they list business license requirements and tax reporting requirements. You can bet you will not only need a state but also a city and in some cases a county or municipality as well.
Make sure that you set aside, I highly recommend a special account, money for your tax liability. This really trips most people up. You must not only consider you sales tax but your federal taxes as well. Believe me when I tell you it is far easier to do it this way, sale by sale, than to try to come up with everything at the end of the year.
Just a quick note : You might want to consider to your business under an affiliate program. The reason for this is that you are not required to collect sales taxes. You are required to report your commissions as earnings at year. This just simplifies the process.
I hope this helps