dcwdanielle asked:


I’ve been running a very small online business for 4 years now. I haven’t even broken even until this year. Years ago I bought a web hosting reseller account just to have the extra space and unlimited domains, then decided to sell the remaining space, and started my online business. Breaking even wasn’t too important to me since the money I spend would have been spent either way just to manage my own personal domains. Now that I am making profit, as small as it is, I am wondering should I register this business? Will the taxes eat away the small profits I make? And I do mean small, very small profits. Is there a certain amount of profit that your business must generate before it must be registered? Or will the government realize I make little profit and not tax? I doubt it, but I am not sure what to do here. I don’t want to be breaking the law, but if I will be losing money by registering I don’t see the point.