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Forum
-> Working Women
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amother
OP
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 Thu, Oct 24 2019, 12:03 pm
Anyone can guide me how I start?
Do I must get a resale certificate? How does it effect my tax paying?
What about federal tax ID?
Where do Istart?
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amother
Fuchsia
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Thu, Oct 24 2019, 12:10 pm
| amother [ OP ] wrote: | Anyone can guide me how I start?
Do I must get a resale certificate? How does it effect my tax paying?
What about federal tax ID?
Where do Istart? |
Do you have an accountant?
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TwinsMommy
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Thu, Oct 24 2019, 12:50 pm
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If you're a sole proprieter you can schedule c on your own personal taxes rather than setting up a corp entity just yet. what's the biz?
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amother
Papaya
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Thu, Oct 24 2019, 1:45 pm
Lots of factors.
Most basic form of business is sole-proprietorship. You are the business. Business Income and expenses are on a schedule c and you pay income taxes and self-employment taxes on net income.
You can file to use a different name "dba" through your state.
There are other forms of businesses. Formed on the state level.
You get a tax id / ein from irs. You can probably get it directly on their website IRS.gov.
Either speak to an accountant or Google "setting up a new business" in your state. Each state (possibly also city) has regulations.
Also, if you will be hiring employees, that's another whole thing to read up on (withholding taxes). The IRS hands out 10% penalties like it's expiring candy, so you'll want to know exactly what to file and when.
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amother
Papaya
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Thu, Oct 24 2019, 1:47 pm
Im pretty sure you need a resale certificate only if you'll be responsible for collecting and remitting sales tax. So that depends on the business and if you need to charge sales tax.
But it should be fairly simple to get one online
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