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Do I need to get a tax ID number for my online business? I haven't had to deal with any of this before but not knowing what mine is or if I have one has been getting in the way
Your tax ID number can simply be your social security number if you choose to operate as a sole proprietor. This would simply require you to file a Schedule C for tax purposes. This is how I have always operated my side business. However, if you decide to form an LLC, or incorporate as a C or S corp, then you would need to apply for a Federal ID number. When my wife had her catering business, we created an S-Corp for that and had a federal ID number that we filed her business under.
Do I need to get a tax ID number for my online business? I haven't had to deal with any of this before but not knowing what mine is or if I have one has been getting in the way
one more question. Do I file the schedule C when I file my taxes? or do I need to file a Schedule C in order to make my ssn into my Tax ID number?
Your tax ID number can simply be your social security number if you choose to operate as a sole proprietor. This would simply require you to file a Schedule C for tax purposes. This is how I have always operated my side business. However, if you decide to form an LLC, or incorporate as a C or S corp, then you would need to apply for a Federal ID number. When my wife had her catering business, we created an S-Corp for that and had a federal ID number that we filed her business under.
one more question. Do I file the schedule C when I file my taxes? or do I need to file a Schedule C in order to make my ssn into my Tax ID number?