tax id numbersflorence wi? On Wed, 26 May 2010 13:59:13 GMT starting  . a

coffee shop in florence wisconsin

      Retail Trade Coffee and Tea Manufacture with 1 employees in florence,  , 54121,                  

Here are the licenses and tax ids you are legally required to obtain before starting business operations: 1. A business tax registration license 2. A DBA assumed business name  3. A state sales tax id permit  4. A federal tax id number  5. A state employer tax id number.  NOTE: You need a reseller license / seller’s permit to be able to buy or sell wholesale and sell retail, but you don’t need a seller’s / resale permit if your business is located in Alaska, Oregon, or New Hampshire – you can get and use your federal tax id when they ask you for a wholesale tax id number.  Also, note that even if you don’t need a fed id number, you can obtain one and use it as a business id instead of using your social security number ( for example in government business application forms).  In addition, keep in mind that instead of getting a DBA certificate, most small business advisors recommend you get a limited liability (LLC) company (form an LLC) or incorporating your small business.  Forming an LLC or incorporating is the best and cheapest insurance against business creditors and business related judgment holders, who are after your personal assets.  Finally, note, that if you form an LLC or incorporate, you don’t need a trade name DBA certificate but you do need a federal EIN number to identify the corporation or LLC.

           

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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.