I filed my company name as a fictitious name and applied for a sales tax id. I sell things on ebay and use paypal. The question is that the ebay and paypal have my business name, but my fiance's name is also on it. He is not a paid employee, just a volunteer. Is this going to be a problem??? I don't want to go to jail, just to file my taxes. We are trying to get the stuff put into my name without losing the records.
2007-02-21 17:41:14 · 2 answers · asked by born2bfree 3 in Business & Finance ➔ Small Business
The tax id # is identifying the name of your company no matter what you called it. Business partners do not have to claim income from ownership in a business, even if other owners are making money. The tax liability falls on the person receiving the W-2 or 1099 or profits from the business.
2007-02-21 18:08:28 · answer #1 · answered by The Central Scrutinizer 3 · 0⤊ 0⤋
I don't think that the sales tax id is an issue. Bigger concern is the FEDERAL tax id # for the business or are you just using your own Social Security #. April 15th is the day of decison for. It depends on how you file your tax returns.
Best check with a CPA and soon.
2007-02-21 17:52:00 · answer #2 · answered by jatuxedo 1 · 0⤊ 0⤋