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How old do you have to be to get a tax id number? |
ok so im only 12, im a girl , im a good artist, ive been going to shows with my mom since i was born, im smart, good with kids, and good with money. i want to start my own face painting business. is this a good idea? and how old do you have to be to get a tax id number?. For most people, their social security number is their tax ID number for small businesses unless they have employees. I'm pretty sure you have a social security number, since otherwise your parents would not be able to claim you as a dependent on their taxes. Most of the time now, the social security numbers are applied for in the hospital when babies are born. So if you can get this business going, then you won't need an additional tax ID, just use your social security number. If you make over $400 for the year, you'll have to file a return and pay taxes. Good luck. You sound like an exceptionally mature 12 year old. You have to 18 sweetie Since you only have to report if you make over $500 a year - I'd think you are relatively safe on the tax id bit. But I would have your mother consult an accountant or tax lawyer to verify. I don't think they issue them out for anyone as young as you, but maybe there's some exception that I don't know about. You can probably find your answers by going here: http://www.irs.gov/businesses/small/inte... Or maybe here (seems simpler, although it's not as direct): http://www.federalpapers.com/index-fp.ph... Click on the "Contact Us" or "Contact IRS" option and ask away. It's agreat idea - probably need to ask your state tax collection agency as to whether you need to file for a employee identification number (EIN) for a small face-painting business just the summer months. But it is a good question - let the professionals anser the question, because with that EIN you need to file other tax forms every year and pay taxes and so forth and so on. Darwin P. Crosland, CEO DPC Global Enterprises Business Development Your SSN is your tax ID. You already have one, just ask your parents. There is no age requirement to obtain a Federal Tax ID number. If you are going to hire people to do the face painting you will need a Federal Tax ID (EIN) number. If you will not hire people, you can get by with just your Social Security number. You can apply for a Federal Tax ID (EIN) number by telephone, fax, by mail, or online. Here is the link to the instructions on how to get the EIN: http://www.irs.gov/businesses/small/arti... |
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