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Thread: Tax ID #

  1. #1
    Nikkiweki's Avatar
    Nikkiweki is offline I'm new here!
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    Default Tax ID #

    I've registered my business with the SBA and my state and all that but they only gave me a UBI number. How do I get a Tax ID number? Do I even need one? Also, if you're a registered business, do you get discounts from products, or do they just go on your tax information and you get a "discount" that way? This is all very new to me and any tips or information would be greatly appreciated!

  2. #2
    kirbinster's Avatar
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    Just go to the IRS web site and you can do it online.
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    Nikkiweki's Avatar
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    UBI is your state Tax ID#. You doe not need an EIN (federal) unless you have employees. It's your SSN. They get you next to nothing.

  5. #5
    Nikkiweki's Avatar
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    So, if I'm the Sole proprietor, I don't have to file anything with the IRS if I've already filed with my state?

  6. #6
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    Quote Originally Posted by Nikkiweki View Post
    So, if I'm the Sole proprietor, I don't have to file anything with the IRS if I've already filed with my state?
    No, you would just include the appropriate schedules in your personal tax return. But why would you do that? You are likely much better off to form an LLC or an S-corp, which will protect your personal assets from most actions. As a Sole proprietor if you shoot a wedding and let's say your memory card craps out an you lose all the pictures you can expect a law suit that can and will go after your personal assets. Wouldn't you rather have some protection against that? Sure they are not bullet proof, but well worth it to mitigate such risks. There are many other reasons to form a separate legal entity, do your research.
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  7. #7
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    ^Thanks, I had never really thought much about that! I will look into that.

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