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Do I need a Tax ID number? I'm SELF EMPLOYED, HELP!!!? |
I'm starting my web design business, but don't know how to get a tax id number or what forms to fill out or anything. I am the only person working, no employees or anything, just me! Does that effect how I need to file or whatever? I have no idea what to do. I build web pages for individuals and small businesses. Please someone tell me what I need to do. As a sole proprietor you only need a federal ID number if you have employees or need to file an excise tax return. There are other "odd" times that require you to have a federal number... but they are very infrequent. You can follow this link to the IRS to see if any of them apply http://www.irs.gov/businesses/small/arti... As has been mentioned, your social security number is your federal id number if you are a sole proprietor with no employees. You need to keep good record of your income and expenses. Again, if you are a sole proprietor you will report these on Schedule C when you file your personal income tax. If you are making a lot of money, you might also consider seeing a tax professional to help you prepare estimated taxes. Paying estimated taxes may avoid penalties for underpayment of taxes due to the increased revenue. to open up a corporation that is how you get a tax id #...depending on what state you are in there are different websites.I would just type in open a corp. on yahoo search You need a federal EIN. You can apply for one online at the link below. You may also need a state version of the EIN, but the federal one comes first. Other than that, there's very little else you need, though you should probably talk to an accountant or a lawyer too. http://www.irs.gov/businesses/small/arti... you use your social security number. that is your tax id. also, go find a CPA. it is well worth the money to have them handle your taxes for you, and they can advise you on these types of questions, and they will also tell you if you should LLC and help you get liability insurance (which you need!). visit IRS.gov web site do get a tax number for your 'biz' so you don't have your SS # all over the web. get ID theft insurance also. U of H Knocks |
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