search  current discussion  categories  business - taxes 

fw: irs + occupation status: federal tax #

updated wed 15 sep 10


Bonnie Hellman on tue 14 sep 10

To this message I'd add that choosing the occupation of Artist makes =3D
life a
lot easier for those who qualify.


-----Original Message-----
From: Bonnie Hellman []=3D20
Sent: Tuesday, September 14, 2010 8:23 PM
Subject: RE: IRS + occupation status: federal tax #

I recommend that businesses get an EIN (which stands for: Employer ID
Number) which is the same thing as a Tax ID Number (or TIN) because that =
you will never have to give businesses your social security number. When
they ask for your SS #, you tell them that this is your Tax ID Number.

Also, if you establish a pension plan such as a small 401(k) plan (same =3D
as a
self employed 401(k) plan) you will need a Tax ID Number.

And yes, if you have employees, you are required to have an EIN or TIN
(which are the same thing).

And yes, small businesses are not required to maintain inventory. There =3D
certain rules for which businesses qualify and which ones don't.


Bonnie D. Hellman, CPA
Ouray, CO 81427

As required by United States Treasury Regulations, you should be aware =3D
this communication is not intended or written by the sender to be used, =3D
it cannot be used, by any recipient for the purpose of avoiding =3D
that may be imposed on the recipient under United States federal tax =3D

-----Original Message-----
From: Clayart [mailto:Clayart@LSV.CERAMICS.ORG] On Behalf Of Lee Love
Sent: Tuesday, September 14, 2010 12:50 PM
Subject: Re: IRS + occupation status: federal tax #

On Tue, Sep 14, 2010 at 9:11 AM, Eleanora Eden =3D
> I have always thought that registering with the feds and getting a
> business tax # to be the most important item.

This page tells you who needs a federal tax number. I think the most
common need is when you have employees. Non-profits are required to
have them.:,,id=3D3D97872,00.html

Also, if you are in manufacturing category, you have a choice on
how you handle your inventory. We learned about this from the
Resources and Arts Council (now Springboard for the Arts) who gave
workshops for artists and craftspeople. Make sure you talk to
someone experienced in this area.

=3DA0Lee, a Mashiko potter in Minneapolis

=3D93Observe the wonders as they occur around you. Don't claim them. Feel
the artistry moving through and be silent.=3D94 --Rumi