aryland state tax id number? On Thu, 03 Jun 2010 19:08:37 GMT starting  . a

small business owner-plumbing contractor in maryland

        Plumbing, Heating, and Air-Conditioning Contractor with 2 employees in chestertown,  , 21620,                  

Here’s what tax id number (s) and permit (s) you legally need to get before starting your business:  You Need a Business Tax Receipt License (because all businesses are required to get one), a fictitious business name (DBA), a Federal Number, and a State Employer Tax Id Number.   Starting Businesses are required to get an occupational Business Tax Receipt License.   If your business name is not your surname, you need to register a DBA, Trade Business Name Certificate. Employers need to get a Federal Employer Number (EIN) and a State Employer Number (EIN) because you need to pay employment taxes to both the state and federal government.  Keep in mind, you don’t need to register a trade name (DBA) Doing business as, if you form an LLC or you incorporate your business.  In conclusion, t is highly recommended to protect your personal assets by obtaining an LLC or incorporating instead of getting a business name certificate, which does not protect your personal assets.

           

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Frequently Asked Questions:

Q: I started a business as a partnership but never really took off. Do I still need to file an IRS return?
A: If you filed for a a partnership but never started a business, you need to file a tax return anyway and just fill out the gross business income as zero. Otherwise the IRS will charge you with a penalty for non filing the return.

Q: What if the independent contractor is an LLC or corporation, do I still need to send them a 1099 form?
A: To be safe, yes, send everyone that does any work for you for more than $600 a 1099 form.

Q: What is the threshhold before I am required to file a business tax return?
Even if you made $0 dollars, you still need to file a business tax return.

Q: What is an EIN Used For?
A: You can use an EIN to pay employment taxes withheld and use it as a corporation, LLC or business tax ID number as a sole proprietor or partnership or you can combine any of the previous uses of an EIN.