2006-07-04 03:48:19 · 8 answers · asked by TLT 1 in Business & Finance ➔ Small Business
If you are the only employee, you may report all of the income and expenses on Schedule C of your 1040 tax return. You will be subject to self-employment taxes, but it is easier and cheaper than incorporating. You may want to obtain an EIN number if you want to do business in a name other than your own. For this, go to www.irs.gov and use Form SS-4
2006-07-04 03:51:19 · answer #1 · answered by Tax Man 1 · 0⤊ 0⤋
No, you don't need an EIN. You may want to check with your state or local county to setup a dba (doing business as). This will allow you to setup a company name and a company bank account without registering for an EIN. Once you start paying employees, you get into the issue of having to pay employment taxes, then you would need an EIN.
2006-07-04 04:58:32 · answer #2 · answered by Amy 1 · 0⤊ 0⤋
yes . mainly because this country likes to sue. you need to do a minimum of being an llc if not more. with the llc you get to separate your personal from your business money. this way you have at least one way of being separated from your lawsuit. with the llc you do get an ein or fed number. even with no employees i would still choose this route. you are also eligible for other types or loans and grants, tax breaks and insurance benefits and most require an ein. besides with all the id theft i would not use my ss# unless i had too.
2006-07-04 06:26:52 · answer #3 · answered by Rpm1 2 · 0⤊ 0⤋
You already have a tax ID no.---it's your Social Security Number. The "E" in EIN stands for "Employer". If you're not employing anyone, you don't need a separate tax ID#.
2006-07-04 03:51:51 · answer #4 · answered by MOM KNOWS EVERYTHING 7 · 0⤊ 0⤋
No, you dont need and EIN # unless you employ more than 3 people. My ex and I ran a construction company for yrs without one untill we started doing commercial work and had to hire more people. Before that, we just used our social#.
2006-07-04 03:56:29 · answer #5 · answered by sassygrlnil 1 · 0⤊ 0⤋
Not necessarily. You may use your SSN. If you incorporate and/or create an S corp, a Federal Id will be needed.
2006-07-04 03:52:29 · answer #6 · answered by Country Boy 5 · 0⤊ 0⤋
Now you pay the completed Social protection and Medicare Tax and opt to document quarterly anticipated taxes with the Federal and State. advise you pay an accountant to ascertain the place of work artwork and record conserving for you.
2016-11-05 21:10:47 · answer #7 · answered by ? 4 · 0⤊ 0⤋
No - for now you can just use your SSN
2006-07-04 03:51:44 · answer #8 · answered by homeschoolmom 5 · 0⤊ 0⤋