i am going to operate and manage the vending in my stores i.e. candy, tattoos, stickers what do i need to do to get started? what taxes will i be subject to? what governing agencies will i report to?
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18. February 2010 at 10:46 pm
local state comptrollers office can help you with that. they will give you an tax-id, which will allow you to buy the items that go inside the machine taxfree. then whatever you make on the machine you pay taxes on the total, not the profit, but the total. probably around 6 – 9 cents for each dollar you collect.
however remember its a cash bussiness they have no way of knowing what you actually made, I have heard of some venders making lts of money and only paying taxes on part of it, because no one can prove otherwise.