Starting A Small Business

[BusyBumbleBee]

Who has a federal tax ID #? I'm selling items in two boutiques, my online store, and at craft shows. I think I may be getting to big to not have one. I'm wondering if anyone else sells their items including tax and all that legal junk. Is it difficult? Should I have an accountant?? My husband is a sole proprietor and we have to itemize all this stuff to, so I'm wondering if I can just keep track myself. Any and all advice is welcome such as, cost to obtain a tax #, how and what you keep track of, is it a good idea? I truly am lost on this subject, I just want to make my bows!!

[crystallynn316]

that is a great question that i could use an answer for also.

[Lauren]

Getting a Tax ID# is easy and costs nothing. You might as well apply for one just in case you want to purchase items from a wholesaler or something. Follow this link: http://www.irs.gov/businesses/small/article/0,,id=102767,00.html You can do it all online. I am not sure about your other questions as this is a brand new business venture for me (bow making) and I haven't sold anything yet. lol

Good luck with everything & congrats on your success so far! :)

[SunVolley15]

Thanks so much for the link - I am still considering starting something, but didn't know where to start!

[roxiej]

My accountant does my taxes the same way it's just a different form Schedule C maybe? I had to get a tax id for one of the places I am selling. I do have to file retail sales tax every quarter, but it's pretty simple. State sends me all the forms.

[thatlittleboutique]

I got mine through the state business website. I also pay taxes quarterly (state) if necessary. It is pretty easy and it's always good to CYA in my opinion.

[thatlittleboutique]

Also, check into your local Small Business Association. They have people there that will help you for free.