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Old 07-22-2009, 06:46
ThreeBlessingsBowtique's Avatar
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Default Tell me about tax ids and such

how many of you have federal tax ids, how do you fund your business, how much do you make/invest. How do you get started with this being a biz rather than a hobby?

Pros Cons etc......
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Old 07-23-2009, 06:28
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Default Re: Tell me about tax ids and such

For me, I never made bows as a hobby. I wanted my own business right from the start. (I used to make and sell them when I was younger.) As soon as I decided that, I went online and applied for an EIN (Employer ID Number) which I am pretty sure is the same as a tax ID. My main reason was so that I could purchase large quantities of supplies at wholesale prices. To start up, I used extra money that I had to stock up on ribbons, clips and headbands. I still have to make that money back though! Unfortunately, I have not had much time lately to devote to my business or to promote it correctly. Definitely get the tax id number. It costs nothing to do so.
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Old 07-23-2009, 01:49
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Default Re: Tell me about tax ids and such

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Originally Posted by devilicious View Post
For me, I never made bows as a hobby. I wanted my own business right from the start. (I used to make and sell them when I was younger.) As soon as I decided that, I went online and applied for an EIN (Employer ID Number) which I am pretty sure is the same as a tax ID. My main reason was so that I could purchase large quantities of supplies at wholesale prices. To start up, I used extra money that I had to stock up on ribbons, clips and headbands. I still have to make that money back though! Unfortunately, I have not had much time lately to devote to my business or to promote it correctly. Definitely get the tax id number. It costs nothing to do so.
The tax id number is $187
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Old 07-23-2009, 02:09
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Default Re: Tell me about tax ids and such

All depends on how you set up your business, are you going to be a sole proprietorship, Partnership, Corporation or a Limited Liability Company. As far as funding most people I know start off as a hobby and use the money from their regular job to fund their business. Thats what I am doing for my business. I felt that taking out a loan was unnecessary since all of my startup costs could be covered by a few paychecks. Before you jump into the waters of full time business just make sure its something you really want to do. Bacause you work ten times harder to make your business float then you do at a regular job.

Good luck
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Old 07-23-2009, 03:14
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Default Re: Tell me about tax ids and such

EIN or TIN or tax id are all the same. They are misused A LOT!!! You gotta remember if you apply for a EIN/TIN then you are saying to the government that you have a running business that will require you to pay federal taxes. Sure you can count your loss with supplies etc. but that is more of a tax accountant ? If you are at the point were you are no longer a "hobby" and a full business then you will need to check with your state and get a state tax payer number so you can file your taxes/sales tax with your state. You can find that info on the IRS website. There are a bunch of little lessons on the IRS website about how to start your new business. Right now in our economy banks are not as likely to loan small start up business money unless you can show that you have a good profit margin. Of course there are other types of loans out there but for a business loan it is pretty hard to get unless you are established. Now I am rambling but get onto IRS.gov and do a search on EIN or small business and there is a TON of info.
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Old 07-23-2009, 03:28
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Default Re: Tell me about tax ids and such

I have the EIN which I use to pay all of my taxes-we have to do it online in Ohio so I just use that and it calculates the time period I am paying for, etc.

I started I guess as a hobby, but I was on another message board for my kids at the time and started selling right away on there, so the hobby part did not last long. Because I was getting the orders, I didn't have to worry about funding to start because I already had that in my account, plus my brother hosted my sites for me so I only had to pay for the domain so that helped.

Taxes suck, but it's part of the business although by far my least favorite because I am not business orientated in that sense so I just try to get it over with and wait until the next time period rolls around!
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Old 07-23-2009, 08:35
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Default Re: Tell me about tax ids and such

Quote:
Originally Posted by ThreeBlessingsBowtique View Post
The tax id number is $187
Hmmm...it didn't cost me anything. See below: this is what I copied from the IRS site regarding them:
Employer ID Numbers (EINs)

An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Generally, businesses need an EIN. You may apply for an EIN in various ways, and now you may apply online. This is a free service offered by the Internal Revenue Service. You must check with your state to make sure you need a state number or charter.
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Old 07-24-2009, 06:49
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Default Re: Tell me about tax ids and such

Quote:
Originally Posted by devilicious View Post
Hmmm...it didn't cost me anything. See below: this is what I copied from the IRS site regarding them:
Employer ID Numbers (EINs)

An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Generally, businesses need an EIN. You may apply for an EIN in various ways, and now you may apply online. This is a free service offered by the Internal Revenue Service. You must check with your state to make sure you need a state number or charter.
The EIN is free but the tax id number so you can buy tax exempt is not free
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Old 07-25-2009, 01:44
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Default Re: Tell me about tax ids and such

Quote:
Originally Posted by ThreeBlessingsBowtique View Post
The EIN is free but the tax id number so you can buy tax exempt is not free
From what I saw on the IRS website, a "Tax Exempt" number is different than the Tax ID or EIN. To set yourself up as a business all you need is a Tax ID or EIN number - which is free. Once you have that number and you purchase things through a wholesaler (with a business number) you don't pay tax.

I have never tried to use my Tax ID or EIN in regular (non-wholesale) stores to not pay sales tax since I don't want to pay retail prices for my supplies. Sometimes a non-profit business will use those forms (tax exempt) to purchase things without paying sales tax.

Last edited by devilicious; 07-25-2009 at 01:46.
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