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do I have to file taxes as a business?

EmanonJASEmanonJAS subscriber Posts: 1
edited August 2015 in Accounting and Financial Management
'If I get my EIN before I start my business, do I have to file taxes as a business? And if not how long do I have before I do? And do i have to pay some kind of fees for the EIN.
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  • KeggerKegger subscriber Posts: 0
    Go to IRS.gov and search for ein application. It is free to get one but it does trigger reporting requirements such as payroll taxes, sales tax etc. You must file taxes for a business. It depends on your entity as to what needs to be filed and where. It would be well worth it to visit with an accounting professional. It's much easier to do things correctly than it is trying to fix some done wrong.
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  • jasonburtonjasonburton subscriber Posts: 0 Member
    The idea is also what the site http://caldwells.com/ about furniture and door products been sharing.
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  • bzelfbzelf subscriber Posts: 1
    For most of the business, there are five ways to get started - sole proprietor, Partnership, LLC, S Corporation and C Corporation. It's not required for the sole proprietor to get EIN/FEIN (Federal Employer Identification Number), you can just use your SSN to report the business income or loss on Sch C of 1040. You have to get an EIN, if you are conducting business as partnership, LLC, S Corporation or C Corporation.

    The posts below can provide you info -

    1. Which legal form of business to choose, sole proprietor, Partnership, LLC, S Corporation and C Corporation? http://bzelf.com/legal-form-of-business/

    2. How to apply for EIN? IRS gives three options: online application (the quickest way), phone, or paper file Form SS-4. You can get more info and step-by-step instructions here: http://bzelf.com/apply-for-an-ein/

    3. For partnership, LLC, S Corporation and C Corporation - once it's formed, you have to file the tax year for that year (due in the following year).

    4. If you don't want to set up any entity, and would like to go with the simplest form sole proprietor. Here is the sole proprietor income taxation basic info and example illustration: http://bzelf.com/income-taxation-of-sol ... ietorship/

    Let me know if you have any follow-up questions, and we can write more posts.
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