The Small Business Tax Help Blog

Posts Tagged ‘EIN’

Question: how do I get a resale EIN # & get all nexeccsary docs to start my company?

I have applied for a tax id # via IRS.gov. I am going to buy wholesale & resell as retail. How do I incorporate properly within state & federal guidelines. I also need a resale EIN #. How do I get that? I made the first step now I need to take the next steps. Thanks

Answer: The EIN is an employer id number, it has nothing to do with buying at wholesale.

You’ll need a resale permit issued by your state. Completely different.

IRS offerings for small business

The IRS just sent out a news release with information about tools and resources for small business.

Rachel Carson event (end)

Question: i want to apply for a Business Tax id but wondering if it will be connected to my personal credit?

Answer: Usually not.

Most Japan voters want new PM, approve quake tax

Kan criticised in parliament for disaster response. 18 Apr 2011 8:54 PM

Does a small business need a tax ID number?

Question: What is a fiscal tax year and do I need one?

I want to start an art studio as a sole proprietor OR a partnership with my husband. I found this explanation online and its really confusing. Do I need to know this and do I really need an EIN to have a fiscal year?:

“Fiscal year – A fiscal tax year is 12 consecutive months ending on the last day of any month except December. A 52-53-week tax year is a fiscal tax year that varies from 52 to 53 weeks but does not have to end on the last day of a month.
Unless you have a required tax year, you adopt a tax year by filing your first income tax return using that tax year. A required tax year is a tax year required under the Internal Revenue Code and the Income Tax Regulations. You have not adopted a tax year if you merely did any of the following:”
•Filed an application for an extension of time to file an income tax return.
•Filed an application for an employer identification number.
•Paid estimated taxes for that tax year.”

Answer: I couldn’t explain it any better than that.

Most taxpayers, including virtually all sole proprietors, use the calendar year as their tax year. Don’t mess around with fiscal years; that’s generally reserved for large corporations, etc.

You only need an EIN if you either have employees OR form any new legal entity such as a corporation, partnership, trust or LLC, etc. However it’s a good idea to get one even if you don’t need one so that you don’t have to plaster your SSN all over creation.

HP Personalizes Customer Support Experience for Instant-On, Connected World

HP (NYSE:HPQ) today announced a milestone in its evolution of Always On Support by empowering clients and HP partners to solve support issues …

Video: Hands On “Forum for Blackberry”

Question: Do I need to file Business Taxes for 2010?

I applied for and received my EIN the last week of December 2010 but did not receive any business income or receive any services in 2010. I spent about $100 on items related to the business. I am a single mom, full time college student, part time employee making and selling bows and a few other girly items for extra money. 2011 is a whole different story, but I don’t think I have to figure that out until next year, lol.

Since there was no income for 2010, am I required to file Business Taxes or would my “business” still be considered a hobby? It seems like an awful lot of paperwork if I can just do the the individual tax return.

Not sure if it matters, but I’m in the state of Louisiana.

Thanks!

Answer: If this is just a sole proprietorship or single member LLC nothing is required to be filed (which is my guess based on the info in your post). If this is a corporation with a start date in 2010 yes.

Ad hoc: S.A.G. Solarstrom AG: deutsch

S.A.G.

Heinrich Isaac: Es wolt ein Maegdlein grasen gahn

Question: Tax help please!!! EIN(employer identification number) on Schedule C?

I received a form 1099 misc for working at a construction company instead of a W-2 and I know I will have to pay the self employment tax, which I’m fine with, but I want to know if the EIN it asks for on Schedule C is in regards to me or the person who paid me????
Thank you

Answer: You would leave the EIN number blank. You NEVER enter the payer’s EIN on *your* schedule C.

(If you did, you would be linked to his tax bills and vice versa!)

Controller Diane Morgan surrenders contracts to Montgomery County Solicitors Office

COURTHOUSE — After denying Montgomery County Solicitors Office’s Right-to-Know request for hard copies of professional services contracts, Controller Diane Morgan turned over thousands of pages of documents on Thursday.

Owning Your Own Business – Part 6: Dr. Ray Hagins