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andshewaits
If I get a Tax ID# so I can purchase wholesale jewelry making supplies, do I have to file a tax return?
I won't have any employees, it is just me making jewelry. I'm in Texas, USA. I think I just have to fill out the SS-4 form to get the ID. Just not sure what to do from there.
your answer is (Yes) The reason is very easy you must collect taxes as prescribed by your state and file a quarterly return on your overhead and pay the taxes on items sold,ECT.It is very important to keep accurate records of all of your costs for materials driving (for allowances from both the federal and state taxes . If you are going to have a store and or operate from your house , You should keep records respective to all phone,electric, gas bills as well keep all receipts. Your best bet however is to find a person who is in the business and check to see the way they operate, Suggest you go to another town, and/or get on the computer and do a price check on other similar Items. a cost comparison is necessary . Most important don't sale your goods cheap . Produce a quality product, advertise it. checking with you local tax accountant would be very helpful. and that cost is also deductible. Keep abreast of all (Like) business's to see what they are doing and find a good location and other methods to sale your products Also if your making jewelery how about hiring friends and people you know to work in this with you or allowing them to wear it. and talk about it to others (Remember "Word of Mouth is the best type of advertising there is" Good Luck Kiddo. BUT!! How Big do you want to be? Find out what people like!! Who will wear this! remember If you make it!! Why should people BUY IT ? So Take some Surveys and see what the people want and When you go to sale it LET THEM TOUCH IT<WEAR IT AND then of course tell them how nice it looks on them again Good luck
manic
You have to file a tax return. and file a profit or loss statement. If you have a regular job you add the profit to your income. If however if you lost money on your part time business you subtract that from your income and pay less tax.
You have to keep records of how much you spend on supplies and other expenses in case you're audited.
If you have a room in your house that is only used for the business you can deduct part of your rent or mortgage payment as an expense.
If you keep a log book in your car and keep track of the mileage that's used for business you can deduct that too. There are many tax advantages to having your own business.
phil
You'll have to file a tax return. You won't need a seperate one for employees since you don't have any, but you'll still have to tell the government how much profit/loss you've made for tax purposes.
smgray99
If you are self-employed then you will be filing a schedule C and schedule SE with your tax return to show a profit or loss. A TID may not be necessary unless you are reistering the business - in which case you are an employee of the business.
miltonday
Yes profits are taxed must file. We need all the help we can get to support the senate immigration bill someone will have to pay the 350 billion dollars its going to cost if it passes
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