Posts by Sophia Collins11

Yeah, well, at least for the first year, I guess.

Thanks guys... I get why being in the sales tax system makes sense, but since they bumped it up to 230 $0.00, I highly doubt my tiny little rural shop would even bother. All those overhead costs people talk about would be basically zero anyway, since the shop is just run out of our house—well, more like our cabin—and I'd probably just handle all the bookkeeping myself.

Thanks for getting back to me. We’re looking at a small rural corner store setup that would be handling retail receipts... but I’m also curious about the whole VAT registration side of things since the owner would be picking up some stock from big-box retailers like Walmart while getting other stuff straight from wholesalers. So, I'm wondering which route actually makes more sense financially. If they're using standard consumer receipts for purchased inventory, does the sales tax even get credited back? Or what

Hey there.
I've got a few things I'm chewing on. My spouse and I are thinking about starting a small business—just a little rural general store. I was wondering, what actually happens if we opt into the sales tax system right out of the gate, but by the end of the year, our revenue hasn't even hit $85k $0.00? Is it probably smarter to just stay out of the sales tax loop initially?
Basically, the shop would be in a small town where (from what I can tell) there’s definitely a need for this kind of thing, though we aren't expecting to make a killing or anything; just enough to keep the lights on, I guess.
Also, what kind of operating hours would make sense if it's just one employee—which would be me, since I'm the owner?
The location happens to be in a federally designated rural development zone. Are there any other grants or incentives for opening a business in an area like that?
We’d be running the shop out of our own house.
Hopefully, someone might be able to point me in the right direction!