Home Based Business Tax Benefits
July 25th, 2007
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Question: form to fill out to apply for home based business?
I am running a very small business and a friend of mine who is an accountant suggested I get a federal tax ID number for checking purposes as well as to buy things wholesale to save on money. She said it would help keep things organized. She said she thinks the form to fill out is the ss-4 form. Is that correct because I looked at that thing and was confused! I will have no employees for many years to come, no benefits to pay or anything.
Answer: You don't need a federal tax ID number unless you have employees. Contact your state's department of revenue to apply for a resale license, which is what you need to buy wholesale. When you apply for the resale license, you will tell the revenue department your business name, social security number, and any other pertinant information about the business or yourself. You will then be required to file a sales tax return at least quarterly, whether you had any sales or not.
You may also need to check with your county to see if there are any zoning restrictions or special taxes that apply to any home-based business in the county. You will usually report your business income once a year and may be liable for taxes based upon your business net revenues.
You will, of course, be required to declare all your income and expenses on your federal and state income tax returns.
Once you've decided upon your business name, you can open up a business account at your bank.
U.S. offers special homeowner benefits to military personnel
Servicemen and women have an extra year to qualify for tax credits for buyers. The government also helps owners who must sell their houses for less than what they owe. The United States tries to take care of its warriors, a tradition that Congress has continued in little-known sections of the latest home buyer tax credit legislation and one of the government's main programs to help military ...
Home Based Business Tax Deductions
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