[Jewelry making - Article 01322] - Re: [Orchid] Whether or not to get a tax id

[John Donivan]

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>     Had a quick question about what everyone's thoughts were on
>     whether or not to get a tax i.d. number 

    Run to your nearest state office, and fill out the forms. Looking at
    your website (nice), you are plenty serious enough. Reasons for: You
    are paying taxes on your materials now. The more you buy, the more
    you pay, over time. If you sell a $1500/cost strand of pearls, around
    here you will pay $120 in tax on that. Having a tax # will make that
    zero. Next, you cannot go almost all of the places I go. Most dealers
    of all kinds require a tax number just to get in the door - the Tucson
    Gem show for one...We have Otto Frei just down the hall - it is
    prominently posted, "No Findings Sales Without Tax Id Number." Cons?
    Can't think of one.... As far as the forms, they're not a big deal,
    and it's part of doing business. Would you rather spend and half an
    hour doing the form (not counting bookkeeping, maybe), or spend
    $3,000 in sales tax on materials? The official way to do it is to
    have a tax account and deposit taxes you take in into it, and then pay
    that to the state. Many people just write a check, though. I know
    Quickbooks has a mechanism for doing just that - itemizing and
    accounting for sales tax. Anyway, enough - go get a tax ID..... 

http://www.donivanandmaggiora.com

 
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