getting my tax id # to buy at wholesale?
im going to start an online antique reproduction shop. the import shop i plan on buying my goods from say i need a tax id number to buy from them whole sale. how do i get one? do i need to name my business before i apply. what all is involved?
First you must select a name for your business. You may find that someone else has used the name, so pick out first, second and third choices.
You will then need to secure an Employer ID number (EIN) from the IRS (even if you never intend to have employees). This basically identifies your business to the government, and obligates the business to pay any Federal taxes that are applicable. The procedure for obtaining this is to file an SS4 with the IRS. You may be able to do it online, check the link supplied here.
Next you will need to register with your state. The procedure varies from state to state to state, check either with your state’s income tax service, department of state, or business administration. If you check the website for your state government, you’ll probably find that they have a hotline that you can call to get this going. You will receive a tax authority certificate with your business name and EIN. This is what you need. It is your permanent “license” to do business.
Finally, if you are doing business with suppliers in your own state, you may have to fill out a state tax form which you give to the supplier, which gives them your EIN. This identifies you as a business, and exempts your wholesale transactions from sales tax.
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