In the beginning

Discussion in 'General Shop Talk' started by Sweetsomedays, Sep 28, 2007.

  1. Sweetsomedays

    Sweetsomedays TPF Noob!

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    How did you start your business?

    My mother used to have a small business and told me I can start out just using my name as the business name and my SSN when I do taxes. Is this correct and on the up and up?
    I know it can be different from state to state but do I need to register with any local organizations for any reason?

    It's just me and my camera at horse shows and the odd job here and there.

    FYI: I am not jumping into this right now. I just like to plan ahead and have all my i's dotted and t's crossed.

    Thank you. Hope my post makes sense.
     
  2. guitarkid

    guitarkid TPF Noob!

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    you can use your SS as your tax id number. you should call them and get a separate tax id number. very easy to do and free. it is legal to use your SS though.
     
  3. Sweetsomedays

    Sweetsomedays TPF Noob!

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    By "them" who do you mean? IRS?
     
  4. Big Mike

    Big Mike I am Big, I am Mike Staff Member Supporting Member

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    I know that where I live, you need a business licence to legally do any form of business transaction...and of course, you need to pay income tax.

    As for how you pay your taxes, that's probably different, depending on where you live and do business...but it probably has to do with how you operate or how you are registered. If you are a sole-proprietor, for example, it's probably easy to do everything with your personal tax. If you incorporate your business however, it would have to be separate. I'm no expert...best to ask someone in your area.
     
  5. wildmaven

    wildmaven TPF Noob!

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    Every state I've worked in has required me to have a business license. You must also collect sales tax and send that to the state periodically (mine is quarterly). Then, you also have to pay social security for yourself. If you have employees, it gets even more involved. All states have a government website where you can plug in what you do and then it will tell you what you are required to do.

    I started doing nature/wildlife photography. When we opened up the art gallery in town, people started asking if I did portraits, since it's a small town with no one who does it. I started practicing with volunteers and am just now starting to charge for my work.
     
  6. guitarkid

    guitarkid TPF Noob!

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    yes the IRS
     
  7. Sweetsomedays

    Sweetsomedays TPF Noob!

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    Thanks for the info I will look into the website see what I need. No employees and I don't want to incorperate. Just me, on weekends at horse shows :) Simple and small.
     
  8. Patrice

    Patrice No longer a newbie, moving up!

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    Do not discount incorporation, it's not very expensive. In this erea of instant lawsuits for almost any reason incorporation may insulate your personal assets. It would be a shame to loose your kid's university fund because someone thought that one of the photos they paid you for was the cause of some lost revenue, lost goodwill, lost ... anything really.
     

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