RSS
 

If Your Making Money Legally, Then You Should Have These

13 Sep

As much as it might suck to pay taxes, if you’re making money on your own time, you should be paying it.  In fact, you have to pay it.

Two essential items you’d need to start your own business is a Federal and a State Tax ID.  Even if you’re not sure, or if you want to start another more complex business, it still makes sense to have your own sole proprietorship IDs.  The Federal ID, or EIN, is easy to get from the IRS.  The state version is a little harder…each state has it’s own website, and that’s where I’d start.

So get your IDs and starting making money!  You may want to check out my rough guide on starting your own online business as well.

 
3 Comments

Posted in General

 

Tags:

Leave a Reply

 

*
To prove you're a person (not a spam script), type the security word shown in the picture. Click on the picture to hear an audio file of the word.
Click to hear an audio file of the anti-spam word

 
 
 

  1. Tim

    September 14, 2006 at 12:00 pm

    What kind of business did you and your friend start and did you two recover any of the money you spent?

     

  2. freedumb

    September 14, 2006 at 7:03 pm

    Hey Tim, It was an online retail business. I prefer not to get into the details, but we never recovered the money we spent. But overall, between the two of us, it was a small investment for the amount of things we learned. A lot of our suppliers were family and friends, so we didn’t have any contractual obligations…otherwise, we would’ve been in a very bad position. We always knew we were not 100% committed though…I don’t think we would’ve got involved contractually with anyone…

     

  3. Brendan

    November 20, 2006 at 2:52 pm

    What went wrong? You didn’t recover any of the money? You talked about planning in your rough guide so I assume that you did.