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Thread: US business owners

  1. #1
    Senior Member GSXRBOBBY's Avatar
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    US business owners

    I am going to be looking into getting a US tax ID number and I was wondering just how much is involved in getting this and how much it is going to cost me?
    I am in Lowell, Indiana<br />Building an 88 Fiero GT with a 93 STS Northstar and 5 speed Getrag. <br />Custom Mr. Mikes interior, Norms fiberglass nose and custom paint.

  2. #2
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    Re: US business owners

    Ok what do you wish to do with the ID #?

    It's pretty simple and costs no $$ to speak of. Just do your homework and preplan your tax situation. Are you going to be a Sole Propriator, Llc, partnership, Inc.?* Lot's to decide.


  3. #3
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    Re: US business owners

    What state are you from? I'm not sure if this differs from state to state but in my opinion a tax ID# is really not worth the hassle. If you are running a large besiness and do alot of resale then it may be worth it. But the amount a paper work at the end of each year is rediculious.
    The tax is still paid just at a different time. If the item is bought on Jan1 and tax is not paid at that time then at the end of the year each item you have used your tax ID#will need to be paid for. Its scary! When I got my DBA a Tax ID # was offered at not charge. My DBA was $70 for the year. So with a DBA you are registered but not allowed to bypass the tax issue, *I don't do alot of resale so it wasn't worth it to me, but to some it def is.

    Just smart enough to be very Dangerous

  4. #4
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    Re: US business owners

    Call: 1-800-829-0115. They will ask you what your information is ( name, address, social, etc.). After you will be asked what type of business you are starting and if you are using your name or a DBA (Doing Business As). Then you will get a TIN (Tax Identification Number) right over the phone and you will get the paper work in about 7-10 business days. Once you get that then you need to get a Wholesalers and resallers ID which very from state to state. But I hope this helps.

  5. #5
    Senior Member GSXRBOBBY's Avatar
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    Re: US business owners

    Well, it sounds like it may not be worth the trouble for me, I really don't buy much to turn around to resell it. I do buy alot of parts but alot of the time they are from out of state and I don't need to pay sales tax on those items. I was mostly looking into this since the 88 12" brake upgrade I put together is selling very well. And paying taxes on the rotors hurt, since my first order was a bit more money then I was thinking it would be. For the most part I run a small shop with little overhead as of right now.
    I am in Lowell, Indiana<br />Building an 88 Fiero GT with a 93 STS Northstar and 5 speed Getrag. <br />Custom Mr. Mikes interior, Norms fiberglass nose and custom paint.

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