The Small Business Tax Help Blog

Posts Tagged ‘tax number’

Question: What is the best way for me to build some business credit?

I just got my tax id number from the irs, and I also have a state sales tax number. Im trying to become a reseller of computer parts that i plan to purchase from a wholesale company. My personal credit history is one of the worst in america. How can i get approved for anything to start building credit for my business? Whats the cheapest way, and fastest? I tried years ago to apply for an office depot card with a previous business, but they declined me cause my business had no credit. If i cant get an offie depot card, then what can i do? By the way I have a sole proprietor business.

Answer: Incorporate. As silly as it seems, an incorporated business that has no connection to an individual tends to have greater credibility than someone who is directly connected to his company (e.g. a sole proprietor)

Once you are incorporated, getting business credit is fairly easy. Just show that you have been in business for about 6 to 8 months.. a year is even better. And then give them a ball park estimate as to what you do in gross reciepts every year and you should have no problem with getting business credit.

Firms get credit for hiring

As Clark County struggles with a high jobless rate, leaders in Washington state government are urging companies to hire laid-off workers under a new federal program that offers employers tax credits worth thousands of dollars. Passed by Congress in March, the federal Hiring Incentives to Restore Employment Act makes two new tax benefits available to employers who hire certain previously …

IRS Self Employed Tax Deductions & Write Offs 2010, 2011