Can someone help me understand how reporting business income/taxes works?

[SkittleBunny]

Will the business send me paperwork to fill out for information on my machines, monthly income, or something like that? Maybe its an online process? 

I'm pretty confused about what exactly to do when it comes to reporting the income made on a small vending route..

[AMD Snacks]

Aside from the generic "talk to a local tax person" answer (which you should probably do), I can tell you that I report quarterly to the state my income from various cities, and pay income tax based on my sales, and yearly I pay the feds for income throughout the year. Business don't normally send you anything, it's your job to keep track of your figures. 

[SkittleBunny]

So like, write it down on notebook paper? Lol this is the hardest part to me, they dont teach this crap in school lol. I just assumed id write down the store details, machine details, then the income collected from the machine? 

[AMD Snacks]

records and people are the hardest part of this business to me. But they're both important. What information you need differs from state to state. I have a big spread sheet that I keep track of how much I collect from each location I have. In my state, I have to track my sales by city, since each city requires me to pay taxes to them quarterly. That's just for taxes, I also keep track of miles driven, machines purchased, product purchased, taxes paid, commissions paid, parking or traffic tickets while vending, charity donated, machines lost or stolen, etc. 

[DirtyHank]

What about the locations you paid a commission to? Do you have to give them anything at tax time so they can claim the income?

[rodney69]

You should be asking your accountant,  not a forum

[shvending]

On 7/7/2018 at 11:04 PM, DirtyHank said:

What about the locations you paid a commission to? Do you have to give them anything at tax time so they can claim the income?

Do you not give them a sales ticket when ever you pay them?  If so then they have all the information you are required to give them.  It's not different than when you purchase gasoline. 

[jameyh]

I pay $0 in taxes. Don't ask don't tell is my opinion.  If the Donald doesn't pay taxes,  why should I?

[Mehehe]

7 hours ago, jameyh said:

I pay $0 in taxes. Don't ask don't tell is my opinion

Didn't Willy Nelson and Wesley Snipes have that attitude?

[brendio]

On 11/10/2018 at 1:22 AM, jameyh said:

I pay $0 in taxes. Don't ask don't tell is my opinion.  If the Donald doesn't pay taxes,  why should I?

Don't ask, don't tell? And yet you are telling the whole world right here?