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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14129
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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If I want to make service business, and received the money

Resolved Question:

If I want to make service business, and received the money from my different customers to buy cars and spar parts or boats to them and send it to their countries (since I charge them fees ( $150 ) for buying car or boat) . should I pay tax for their money (car or boat prices ) or the fees that I got it from them
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

You will not owe tax on the money they give you for the price of the car. You will only pay tax on the fee that you get from them.

Customer:

how can prove the fees for them

MyVirtualCPA :

Well, your gross proceeds will include the price of the car or boat, and then you will deduct the cost of the car or boat. The leftover amount is the fee that you charge them.

Customer:

so I have to keep the receipts of the purchasing

MyVirtualCPA :

Yes, you will need to keep records of all of this

Customer:

can I use my personal bank account to do this kind of business

MyVirtualCPA :

You can do that, But I would keep a separate account for that

Customer:

since all the payment go thru the bank online

MyVirtualCPA :

Yes

Customer:

can I do this even if I'm not a citizen

MyVirtualCPA :

Yes, you can do this even if you aren't a citizen.

Customer:

is it true the non citizen are not required to pay tax

MyVirtualCPA :

no, that i not true

Customer:

if I'm over seas ,and I doing this business am I reqired to pay the tax to since all the transactions online

MyVirtualCPA :

No, if you are not in the US you would not owe tax on this

Customer:

because what I'm try to do right now is this kind of this business .

MyVirtualCPA :

Okay

Customer:

can my bank stop me for wiring or overnight check to the sellers

Customer:

because it too much

MyVirtualCPA :

I do not think so, but I cannot comment on anything not tax related. You would have to ask an attorney that.

Customer:

what kind of attorney is

MyVirtualCPA :

You would ask a business attorney that

Customer:

and you are a tax attorney

Customer:

is that what they call you

MyVirtualCPA :

I am a CPA - a tax professional

Customer:

thanks a lot and I 'm sure I need your Experience next time . you will get from me AAAA+++

MyVirtualCPA :

Thanks. Please take a moment to rate my response using the feature at the bottom of the screen.

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14129
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and other Tax Specialists are ready to help you

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