I am opening my business. I heard that unless i make over 250 a month then i will not need to get the tax id number. Is this true? I live in MS. I do not want to go through all the hassle but if is necessary I need to know.
2007-02-07 13:52:47 · 4 answers · asked by agrace 2 in Business & Finance ➔ Small Business
If you do as a sole proprietor and no employees you don't need a tax id #. Here is some info:
http://www.sba.gov/smallbusinessplanner/start/chooseastructure/START_FORMS_OWNERSHIP.html
2007-02-07 13:58:28 · answer #1 · answered by MeInUSA 5 · 1⤊ 0⤋
It depends on several items.
Where I live, it's generally a good idea, since you are *required* to charge tax on services or goods provided. Additionally, here, if you run a home based buisiness and don't go through all the required hoops, you can be seriously screwed. Also, if you rent your place of residence, you will also want to check your lease...many landlords specifically forbid the running of a home based business from their properties.
As someone else noted, check with the respective levels of government (municipal / county / state / and fed).
2007-02-07 14:05:19 · answer #2 · answered by jcurrieii 7 · 0⤊ 0⤋
Depends on the type of business entity (LLC, Sole prop, etc and whether or not you have employees. Go to http://www.irs.gov/faqs/faq-kw67.htm/ for more info.Very simple procedure - you can apply online.
2007-02-07 14:00:26 · answer #3 · answered by domers13 2 · 0⤊ 0⤋
That sounds correct. Go to your County Seat and find the Clerks office.. they'll tell you.
2007-02-07 13:56:33 · answer #4 · answered by Anonymous · 0⤊ 1⤋