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View Full Version : tax id number?

mxrod4
09-29-2009, 03:46 PM
how necessary is a tax id number? i know you need one if you want to buy wholesale, right? my business isn't very big and i don't sell too much [although i think 74 for 5 months is pretty good]. do i need one for taxes? my first craft show is in a couple weeks and if it goes well i want to do more [i'm super excited, can you tell?] i don't want to end up doing something wrong like not claiming my business or anything if that's illegal. how much is the limit before you have to claim? i know there's a ton of questions, i just want to get things in order. i don't know that i'll be doing this constantly, between school and 3 kids, it's kind of hard to find the time. thanks!
jnice123
10-02-2009, 05:01 PM
I dont have an answer but i am curious to know.
BusyBumbleBee
10-03-2009, 10:00 AM
I'm wondering the same thing!!! I'm doing larger shows now and bring in some larger numbers and have been accepting credit cards and running them through my husband's work (his boss is just writing me a check after the money hits his account).

I have heard that the government sees a business profiting more then $300 a year should be registered. However, I'm on unemployment right now and fear that if I get a tax ID # and all that they will see it as a "job" and my unemlpoyment will end.

Once that all runs out I do intend on legitamately running my business with accepting tax/paying tax and getting my tax id #. But for now, I'm just trying to make some money on the side. (With all the money I've invested in my supplies/vendor fees, I doubt I've really made any sort of profit).

I think it's a fine line you walk.
mxrod4
10-04-2009, 11:49 AM
$300 in profit, or just what shows up? i doubt i've made $300 in profit because of how much i've spent on supplies.
BusyBumbleBee
10-22-2009, 08:05 AM
$300 in profit, or just what shows up? i doubt i've made $300 in profit because of how much i've spent on supplies.

Well that's what I'm thinking - I doubt I've made profit at all even though I've brought in money I turn around and buy more supplies/display items/pay vendor fees. So I'm guessing it's more like if you are making money beyond your expenses would be considered a "profit."