In the Forums

Register

Today's Posts

Search

Get the Weekly
Inkling
newsletter





Previous Issues

Splitcoaststampers's privacy policy

Get Social

Splitcoaststampers on InstagramLike Splitcoaststampers on FacebookFollow Splitcoaststampers on TwitterPit Splitcoaststampers on Pinterest

Sponsored Ads


 
Splitcoaststampers.com - the world's #1 papercrafting community
You're currently viewing Splitcoaststampers as a GUEST. We pride ourselves on being great hosts, but guests have limited access to some of our incredible artwork, our lively forums and other super cool features of the site! You can join our incredible papercrafting community at NO COST. So what are you waiting for?

Join the party at Splitcoaststampers today!

Reply
 
Thread Tools Search this Thread
Old 04-07-2005, 06:41 AM   #1
Inking Addict
 
cbecon's Avatar
 
Join Date: Jan 2005
Location: Pittsburgh, PA
Posts: 90
Default Demo's do you have a tax id number? Any tax info for me?

Hi All,

I am thinking about becoming a demo and was talking to my FIL who is also our tax preparer and he kept asking me about getting a tax ID number and how I would set up the "buisness" for my taxes.

1. Have you set up a tax ID number?
2. Do you set up a sole proprietership for your buisness?

This is just so confusing for me and has delayed my decision to become a demo.
__________________
Lighthouses guide the way!
cbecon is offline  
Tweet this Post! Share on Facebook Reddit!! Pin on Pinterest! Share on Google+!
Reply With Quote
Old 04-07-2005, 06:52 AM   #2
Hardware Hotshot
 
amylou's Avatar
 
Join Date: Oct 2004
Location: In chaos!!!
Posts: 4,122
Default

I called SU this year to ask about the tax ID #. I was told by SU since this is your business to use your SSN. I did this this year and it worked fine. As far as setting up a sole proprietership, I did not do this. I think if you do that, you have to do your taxes quarterly. Be sure to keep ALL your receipts. Hope this helps.
__________________
Amy
amylou is offline  
Tweet this Post! Share on Facebook Reddit!! Pin on Pinterest! Share on Google+!
Reply With Quote
Old 04-07-2005, 07:02 AM   #3
Polyshrink Goddess
 
wyokat's Avatar
 
Join Date: Jul 2004
Location: Shalimar FL
Posts: 503
Default

HI there,

As far as a tax id#, you only need one IF you have employees--which you won't.

By the nature of the business, you are AUTOMATICALLY a sole proprieter. You don't have to set anything up. This just means you are responsible for your own business--no partnership or corporation.

As far as filing taxes quarterly, it is a good idea IF you have a high volume business. If you are going to be demo demonstrator, you probably won't owe any additional taxes.

As a sole proprietor, you pay your own social security taxes as well as being taxed on your income. (By the way, if your profit is less than $400--no social security tax is paid)

If you end up owing more that $500 in taxes at the end of the year, the IRS will assess a penalty.

HTH

Kathy
__________________
******************
SCS #10731
wyokat is offline  
Tweet this Post! Share on Facebook Reddit!! Pin on Pinterest! Share on Google+!
Reply With Quote
Old 04-07-2005, 07:22 AM   #4
Inking Addict
 
cbecon's Avatar
 
Join Date: Jan 2005
Location: Pittsburgh, PA
Posts: 90
Default

Thanks ladies,

He really scared me off. I barely picked up anything only tax id and sole proprietership when we were talknig. This is not as painful as I thought!
__________________
Lighthouses guide the way!
cbecon is offline  
Tweet this Post! Share on Facebook Reddit!! Pin on Pinterest! Share on Google+!
Reply With Quote
Old 04-07-2005, 07:32 AM   #5
Polyshrink Goddess
 
Shawna's Avatar
 
Join Date: Jan 2005
Location: Chester, Montana
Posts: 662
Default Tax id #

I do have a tax ID# because I own a store. I don't have any employees but didn't want my SS# as my tax Id. If you call the IRS they can explain why or why not to get an ID #
IN Him,
SHawna
__________________
Shawna Renville
http://mtstamper.blogspot

Shawna is offline  
Tweet this Post! Share on Facebook Reddit!! Pin on Pinterest! Share on Google+!
Reply With Quote
Old 04-07-2005, 07:33 AM   #6
Crimping Master
 
Donna Cook's Avatar
 
Join Date: Jan 2005
Location: Saint Louis, Missouri
Posts: 1,063
Default

Local/state sales tax may be an issue, depending on what you do....sales tax is collected and paid by SU but if you do any craft shows and sell stuff other than su product.....you would need one. I sell assorted "stuff" at craft fairs and on ebay and pay sales tax annually on those....in Missouri you can get hobby tax number for a $25 deposit. And it's really easy....I think guys sometimes want us to think stuff is hard...so we won't do it...or will ask them for help...ya gotta love 'em though!
Donna Cook is offline  
Tweet this Post! Share on Facebook Reddit!! Pin on Pinterest! Share on Google+!
Reply With Quote
Old 04-11-2005, 05:47 PM   #7
Crimping Master
 
spammie's Avatar
 
Join Date: Apr 2004
Posts: 1,222
Default

The IRS has a great publication for direct sellers - Publication 911. It tells you everything you need to know about running your business, what's deductible & what forms to file.

You can download it from this page:

http://www.irs.gov/formspubs/lists/0,,id=97819,00.html
spammie is offline  
Tweet this Post! Share on Facebook Reddit!! Pin on Pinterest! Share on Google+!
Reply With Quote
Reply





Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are Off