I make custom beaded jewelry, so how do I add tax to my products and get a business tax ID so I dont get in trouble with not claiming my taxes
2006-12-18 15:34:13 · 5 answers · asked by HD 1 in Business & Finance ➔ Taxes ➔ United States
It depends on the business. I'm going to assume this is a sole proprietership, such that your SS# is your tax ID for the business for federal purposes. Any income will be claimed on Schedule C of your 1040. You should however be making quarterly estimated payment to the IRS using for 1040-ES. You also may be liable for self-employment tax, so that you'd need to file form Schedule SE along with your 1040.
You will also need to check with your state. You will probably be required to register to collect and remit sales/use tax. Different states have different rules for paying income taxes, you'd need to look into that too.
2006-12-18 15:51:23 · answer #1 · answered by RopeResQ 2 · 0⤊ 0⤋
Regardless the type of business entity you set up, it is best to have an Tax ID (EIN) for your business. In case any creditor ask for them, you don't want your personal social security numbers out there.
Go to this IRS web site, http://www.irs.gov/businesses/small/article/0,,id=98350,00.html for all the information and forms you need. It only takes minutes on the phone or Internet to get a number.
Best wishes.
2006-12-20 11:09:56 · answer #2 · answered by JQT 6 · 0⤊ 0⤋
For federal tax purposes you can go to IRS.GOV click on businesses and apply for a federal id number on line. It takes five or ten minutes to get the number.
For state tax purposes you would go on-line to the state tax department site and apply for a sales tax account number and a resale certificate so that you don't pay sales tax on the materials you are purchasing to sell to your customers.
2006-12-18 22:22:09 · answer #3 · answered by waggy_33 6 · 0⤊ 0⤋
Hello, enterprise License method the permission given through proper authority to run your company underneath given strategies and legislation. Tax identity procedure the identity given via Tax Authorities to pay tax of your corporation or career. To get enterprise license you have to have tax identity.
2016-09-03 13:48:31 · answer #4 · answered by Anonymous · 0⤊ 0⤋
countact your local city & county clerk - they can direct you to the licensing info you need.
2006-12-18 15:42:25 · answer #5 · answered by Katie 3 · 1⤊ 0⤋