what is taxable income from a small bussiness run from home.
2006-07-29 09:09:36 · 3 answers · asked by farhan t 1 in Business & Finance ➔ Taxes ➔ United States
Generally, businesses need an Employer Identification Number (EIN) or federal tax identification number. The EIN is used to identify a business entity such as a corporation, LLC, or partnership. Sole proprietorships that need to pay federal excise of employment taxes are required to get an EIN.
On the other hand, sole proprietors with no employees are not required to get an EIN, and can instead use their Social Security numbers.
The Internal Revenue Service (IRS) web site at http://www.irs.ustreas.gov/businesses/small/article/0,,id=98350,00.html contains all the information you need about EIN and how to apply for an EIN electronically.
2006-07-29 09:14:34 · answer #1 · answered by imisidro 7 · 6⤊ 0⤋
You don't need one. You can use your social secuirty number. You will need a tax Id if you will have employees.
2006-07-29 17:44:01 · answer #2 · answered by Ren 3 · 0⤊ 0⤋
imisidro is right on the money
2006-07-29 20:06:37 · answer #3 · answered by SuzeY 5 · 0⤊ 0⤋