I have always used 'Cosmetics, Beauty Supplies and Perfume Store' but am wondering if there is anything more appropriate for someone who makes and sells B & B products?
What code do you use?
Thanks!
What code do you use?
Thanks!
Business Activity Code for Taxes - which do you use?
- Thread starter Aline
- Start date
Help Support Soapmaking Forum:
Bumping.
Anyone?
Anyone?
What does your tax adviser suggest?
Kamahido
Paladin of Soap
That is a really important question. I think if it were me, I would spend the money for at least a consultation with a tax adviser.
I don't have funds to pay a tax person at this point in time and I don't think it matters that much....but I would like to hear what others (who do their own taxes) use.
Last edited:
green soap
Well-Known Member
325600
For the last 3 years and no hiccups.
For the last 3 years and no hiccups.
Thanks, I will look that one up.
Last edited:
My reasoning behind it being - what exactly do you sell mostly? What does green soap sell mostly?
Engaging a tax expert at least as a one-off to look over the last few years to see if you're missing something somewhere could save you a lot of trouble down the road
Engaging a tax expert at least as a one-off to look over the last few years to see if you're missing something somewhere could save you a lot of trouble down the road
green soap
Well-Known Member
On the down side, engaging a tax expert cost me a lot of money, plus I got audited and had to pay fines to the IRS a few years back. I looked back at previous years, and he had made a lot of mistakes! I had no recommendations for someone else (good and affordable).
The first time I filed the business forms (Schedule C) I did make a small mistake. Caused a letter from the IRS and phone call to the IRS. I got a really sweet gentleman with a TX accent who helped me resolve it. I simply had to resend the corrected forms and no financial consequence. I dread talking to them so I was pleasantly surprised.
Here in the US, it is quite expensive to pay a tax accountant for a small business tax filing. For most people selling soap and other BB products, it is not affordable.
If you can figure out how to run a business, you can probably figure out how to do your taxes. As far as the business activity code, pick the one that best describes what you do, there is only room for one and there is not going to be a perfect description of everything you do. Just pick the one that describes it the best.
The first time I filed the business forms (Schedule C) I did make a small mistake. Caused a letter from the IRS and phone call to the IRS. I got a really sweet gentleman with a TX accent who helped me resolve it. I simply had to resend the corrected forms and no financial consequence. I dread talking to them so I was pleasantly surprised.
Here in the US, it is quite expensive to pay a tax accountant for a small business tax filing. For most people selling soap and other BB products, it is not affordable.
If you can figure out how to run a business, you can probably figure out how to do your taxes. As far as the business activity code, pick the one that best describes what you do, there is only room for one and there is not going to be a perfect description of everything you do. Just pick the one that describes it the best.
Similar threads
