Question about taxes
A friend and I are looking to start up an internet business, in which the only revenue we'd generate is from sponsors. I've contacted the sponsors and they say that they don't deduct taxes from paychecks, and we'd have to deal with that on our own. Also, my friend and I are going to register this as a business w/ the IRS and get a "Tax ID". So, I'm not exactly sure how taxes work. Do we have to file taxes from our business? Which forms would we fill out and how often? Can anyone just point me in the right direction with this? I've checked google and the IRS site, but I'm still a little confused as to what we're required to do.
"The absence of evidence is not evidence of absence"