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Old 08-03-2011, 07:27
Jickles's Avatar
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Default Please tell me about Tax ID Number and purchasing wholesale

I'm paying out the wazoo for my supplies. I'd love to be able to buy things at wholesale price for my side business. I see on many sites you need to have a Tax ID Number to purchase Wholesale and that it costs $150 in my state to get one.
From what I understand, the only time I need to tax anyone using my supplies would be if they're from my state. Otherwise, no taxes need to be collected.

Honestly, there's a lot I don't understand and wondering what the downside of having this would be. I would like to purchase my items at a good price so my profit is larger.
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Old 08-03-2011, 07:59
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Default Re: Please tell me about Tax ID Number and purchasing wholesale

what state do you live in? I got my tax id free at www.irs.gov I am just starting out and confused also! lol. But I plan on reading up on anything that I can get my hands on about starting a small business. Do you have a business license as well? I got mine as a sole proprietorship, then realized it would be better to be an LLC, so now I am changing that. It sure is a lot of work!

Last edited by Stef; 08-03-2011 at 08:04. Reason: elaborating..
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Old 08-03-2011, 09:18
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Default Re: Please tell me about Tax ID Number and purchasing wholesale

Are you sure the $150 isnt for registering a business?
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Old 08-03-2011, 09:35
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Default Re: Please tell me about Tax ID Number and purchasing wholesale

I don't think there is a charge for tax id, but if you are talking about a business license. Then there might be a charge for that. But to get a tax id you need to be a legit business. Check out the Small Business Association website. Look for your state. Maybe there will be some info there for you.
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Old 08-03-2011, 09:36
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Default Re: Please tell me about Tax ID Number and purchasing wholesale

Quote:
Originally Posted by Jickles View Post
From what I understand, the only time I need to tax anyone using my supplies would be if they're from my state. Otherwise, no taxes need to be collected..

You tax people in your state who purchase from you products you made with the untaxed items you purchased wholesale...If you are buying wholesale to wholesale supplies to people..you might want to contact a tax consultant to be sure you understand how that works...if you mess that up you will have one big tax bill come April :-) Every state is different on how often you need to pay in the sales tax you collect so double check that also..there are penalty's if you don't file on time. Don't get to overwhelmed.
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Old 08-03-2011, 10:08
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Default Re: Please tell me about Tax ID Number and purchasing wholesale

I have a small business and you can go online and get a tax id number, you will have to have a business license too. The cost varies from state to state and what you are selling. No matter where I go and sell I have to pay taxes to the state, even if it a different state that I live in. If you are selling you are suppose to collect the taxes and pay those to the state. I do our local flea market and I don't charge the customers tax but I keep up with what I sell and pay the taxes myself ( that will be up to you). You need to cover yourself, some of the shows I do they will come around and get your tax number. You can call the state where you live and they can tell you what you have to have and the cost. I pay in every month that I have a show, keep in mind if you don't have any sells in the month you still have to file your state taxes you just put 0, but you have to send it in or you will be charged ( I learned the hard way)..HTH
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