if I start a business under as a sole proprieter, will I need a fed & state tax id # or just a soc sec # ?
2007-04-12 02:16:49 · 5 answers · asked by trekkie706 6 in Business & Finance ➔ Taxes ➔ United States
As a sole proprietor, since you file this on Schedule C, you don't absolutely need an Employer ID # (Federal Tax ID), but it can be useful and there will be other things you'll need it for, such as if you set up a SEP IRA for yourself.
Here's more about it: http://www.irs.gov/businesses/small/article/0,,id=98350,00.html
2007-04-12 02:34:12 · answer #1 · answered by Bettina C 2 · 1⤊ 0⤋
Anytime you start a business you need a state and federal ID#. It would be nice to not pay taxes but unfortunately freedom isnt free
2007-04-12 09:21:45 · answer #2 · answered by Jo W 2 · 0⤊ 0⤋
It is best to get a Fed and State ID.
2007-04-12 09:18:55 · answer #3 · answered by PJ 5 · 0⤊ 1⤋
Ask a CPA. I would get a tax I/D'
2007-04-12 09:20:58 · answer #4 · answered by Tom 4 · 0⤊ 0⤋
just ss number
2007-04-12 09:19:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋