License & Sales Tax etc.

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License & Sales Tax etc.

Postby Ron » Mon Jul 28, 2008 6:34 pm

Well I decided to go into business from home like many of you guys. My questions are on the legal business end. I've read numerous post and been to county & state websites over the past month or so and I still have some questions unanswered. So I decided to go to the Experts - You Guys!!
1) Do I need to get an EIN?
2) Do I have to register a business certificate with the county Nassau ?
3) Do I have to charge NYS Sales Tax?
4) Is there Liability or Insurance issues?
5) Whatever else is necessary
Help please - My wife thinks everything needs to be legal - which I agree with - but the big question to me isn't whats legal but what is necessary to start an home based business paper wise?
I expect to do maybe 2 or 3 shows a month - do i just do them and collect whatever i charge or do i take advantage of all the tax benefits allowed by having a legit home business and maybe lower my total gross income.
Well I'm sure someone out there can give me abit of specific help - So I thank you all in advance for any info given here and all the info givenover the past year - Great Group = Great Forum = Great Party when & where will it be held?
"Family over Friends" "Night over Day" "Nikon over Canon" "Gravy over Everything"

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Re: License & Sales Tax etc.

Postby debngar » Mon Jul 28, 2008 7:49 pm

Consult your own state website which should have most if not all the information you need.

http://www.google.com/search?q=nys+busi ... =firefox-a

That I know of, you cannot deduct more than you earn if you are not making a profit within 3 of 5 yrs. Otherwise it's considered a hobby and not a business.

http://www.irs.gov/newsroom/article/0,, ... 90,00.html

I am not a CPA or attorney.
Debbie
Photography http://deborah-green.com

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Re: License & Sales Tax etc.

Postby BarbaraC » Tue Jul 29, 2008 1:37 pm

Being a NYS resident also, I can assure you of one thing: sales tax required! Unless you collect over a certain amount in taxes (don't know what that amount is), you may only need to pay blood money to the state yearly. Tax number is needed.

There are several options for the legal setup of your business, the simplest being sole proprietorship, the supposedly safer one being an s-corporation, though my opinion of that for a one-man operation is low, particularly when you aren't likely to make a lot of money to start with.

Try looking on the NYS official Web site. They have a huge amount of information there. You can also call the state, though it's potluck whether or not you end up talking with someone who knows the answers. I got very lucky some years ago when I set up a sole proprietorship type of business, having every last one of my questions answered by someone in the tax department.

I wish you lots of good luck!

Barbara
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