What About Taxes A Guide For New Ebay Sellers
You have dabbled a bit at selling on eBay. It is fun and exciting. You have thought about opening an eBay store. You have tried to find products at a great price to resell, but the wholesalers want a tax ID number from you before you can even see their prices. You are not sure what a tax ID number is or how to get one. You wonder if it is expensive. Will you have to wait a long time after you apply?
So what is a tax ID and why do you need one?
A Federal Tax ID Number is the same as an Employer ID Number or EIN. You may not plan to have employees but you will still need an EIN for several reasons:
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Most companies that sell their products at low wholesale prices want to know that you are a retailer. The EIN communicates to the wholesalers that you are a legitimate retailer and they will be happy to sell you their wares at significantly lower prices than retail.
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Trade shows! Most will require a tax ID number to register to attend. Trade shows are one one of the best ways to meet new wholesalers and to get some great bargains. Many of the vendors at trade shows will waive their minimum purchase requirement and some will have merchandise that is available only at the show. Imagine, you are the only seller on eBay who sells a particular item......
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Filing federal income taxes- there are some tax advantages to having a home based business. You may get tax credits for a home office, equipment, travel (to the post office and trade shows!). You will need your tax ID number when filing your taxes to take advantage of these income tax lowering benefits.
How do I get... ...read the full guide >>>
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