Eleanora Eden on tue 14 sep 10
I have always thought that registering with the feds and getting a
business tax # to be the most important item.
Also, the separate biz bank acct and phone number are expenses
that the home art studio can well do without, just so the profit from
the business is evident.
Eleanora
>
>
>Although there may be no checklist, aren't there a set of things that are =
definitely on the "should do" list? Things like:
>
>* A separate business checking account
>* Business insurance
>* A properly registered ficticious name
>* Collect and pay sales tax
>* A business phone
>* Advertising expense of some kind even if it is just business cards, post=
cards, and/or a web site
>* Well kept records, perhaps in a program like Quickbooks.
>
>You could probably list a dozen other things. Of course making a regular p=
rofit would have to be pretty high on the list.
>
>Regards,
>
>John
--
Bellows Falls Vermont
www.eleanoraeden.com
phil on tue 14 sep 10
Hi Steve, ever'body,
Yes indeedy...
Many Banks offer Free Business Checking, if sometimes stipulating the
Account maintain some sort of Balance or that the Account have no more than
such-&-such for Checks being written on/against it.
I myself elected to have the free Business Checking Account at the Bank I
use ( which changed ownership and name four times now)...and, then, I also
elected to stop writing 'checks'.
This was like maybe six or eight years ago.
I write no checks, and, I never ever have any issues about what my Balance
is, or where it went.
Sometimes I pull out some Cashish...and go spend that, or purchase United
States Postal Money Orders, and send those in the Mail for paying for
something...otherwise, I pay for things on line using my own dough in my
PayPal Account.
Nice...
I hated, HATED trying to Balance that gosh darned Checkingaccount all the
time, and I never could keep it balanced...always a frustration, always a
Thorn in my Side
Once I stopped writing Checks, "Presto!" perfectomundo-a-go-go-a-rama!
Yippeee!!!...no more problems keeping it 'Balanced'...And, it is impossible
to ever 'Bounce' a Check this way, too!
Yummy!!!
Love,
Phil
Lv
----- Original Message -----
From: "Steve Slatin"
> Many banks offer free business checking. To GET free
> business checking, though, you'll need to have a business
> license of some kind (though for a sole proprietorship
> should do just fine).
>
> The things John said are on the "should do" list are
> not universally applicable -- if your business is
> in Oregon (no sales tax) then you can't do sales
> tax. It doesn't mean you're not a business. And
> if you are an itinerant combine mechanic, then
> having a fixed mailing address is unnecessary.
> Likewise, you're still in business.
>
> But you should look at each of these ideas and see
> if there's anything to it for you.
>
> Steve Slatin --
Lee Love on tue 14 sep 10
On Tue, Sep 14, 2010 at 9:11 AM, Eleanora Eden wrote:
> I have always thought that registering with the feds and getting a
> business tax # to be the most important item.
This page tells you who needs a federal tax number. I think the most
common need is when you have employees. Non-profits are required to
have them.:
http://www.irs.gov/businesses/small/article/0,,id=3D3D97872,00.html
Also, if you are in manufacturing category, you have a choice on
how you handle your inventory. We learned about this from the
Resources and Arts Council (now Springboard for the Arts) who gave
workshops for artists and craftspeople. Make sure you talk to
someone experienced in this area.
http://springboardforthearts.org/
--
=3DA0Lee, a Mashiko potter in Minneapolis
http://mingeisota.blogspot.com/
=3D93Observe the wonders as they occur around you. Don't claim them. Feel
the artistry moving through and be silent.=3D94 --Rumi
Bonnie Hellman on tue 14 sep 10
I recommend that businesses get an EIN (which stands for: Employer ID
Number) which is the same thing as a Tax ID Number (or TIN) because that =
=3D
way
you will never have to give businesses your social security number. When
they ask for your SS #, you tell them that this is your Tax ID Number.
Also, if you establish a pension plan such as a small 401(k) plan (same =3D
as a
self employed 401(k) plan) you will need a Tax ID Number.
And yes, if you have employees, you are required to have an EIN or TIN
(which are the same thing).
And yes, small businesses are not required to maintain inventory. There =3D
are
certain rules for which businesses qualify and which ones don't.
Bonnie
Bonnie D. Hellman, CPA
Ouray, CO 81427
As required by United States Treasury Regulations, you should be aware =3D
that
this communication is not intended or written by the sender to be used, =3D
and
it cannot be used, by any recipient for the purpose of avoiding =3D
penalties
that may be imposed on the recipient under United States federal tax =3D
laws.
-----Original Message-----
From: Clayart [mailto:Clayart@LSV.CERAMICS.ORG] On Behalf Of Lee Love
Sent: Tuesday, September 14, 2010 12:50 PM
To: Clayart@LSV.CERAMICS.ORG
Subject: Re: IRS + occupation status: federal tax #
On Tue, Sep 14, 2010 at 9:11 AM, Eleanora Eden =3D
wrote:
> I have always thought that registering with the feds and getting a
> business tax # to be the most important item.
This page tells you who needs a federal tax number. I think the most
common need is when you have employees. Non-profits are required to
have them.:
http://www.irs.gov/businesses/small/article/0,,id=3D3D97872,00.html
Also, if you are in manufacturing category, you have a choice on
how you handle your inventory. We learned about this from the
Resources and Arts Council (now Springboard for the Arts) who gave
workshops for artists and craftspeople. Make sure you talk to
someone experienced in this area.
http://springboardforthearts.org/
--
=3DA0Lee, a Mashiko potter in Minneapolis
http://mingeisota.blogspot.com/
=3D93Observe the wonders as they occur around you. Don't claim them. Feel
the artistry moving through and be silent.=3D94 --Rumi
Steve Slatin on tue 14 sep 10
Many banks offer free business checking. To GET free
business checking, though, you'll need to have a business
license of some kind (though for a sole proprietorship
should do just fine).
The things John said are on the "should do" list are
not universally applicable -- if your business is
in Oregon (no sales tax) then you can't do sales
tax. It doesn't mean you're not a business. And
if you are an itinerant combine mechanic, then
having a fixed mailing address is unnecessary.
Likewise, you're still in business.
But you should look at each of these ideas and see
if there's anything to it for you.
Steve Slatin --
N48.0886450
W123.1420482
--- On Tue, 9/14/10, Eleanora Eden wrote:
> I have always thought that
> registering with the feds and getting a
> business tax # to be the most important item.
>
> Also, the separate biz bank acct and phone number are
> expenses
> that the home art studio can well do without, just so the
> profit from
> the business is evident.
>
> Eleanora
>
>
>
> >
> >
> >Although there may be no checklist, aren't there a set
> of things that are definitely on the "should do" list?
> Things like:
> >
> >* A separate business checking account
> >* Business insurance
> >* A properly registered ficticious name
> >* Collect and pay sales tax
> >* A business phone
> >* Advertising expense of some kind even if it is just
> business cards, postcards, and/or a web site
> >* Well kept records, perhaps in a program like
> Quickbooks.
> >
> >You could probably list a dozen other things. Of course
> making a regular profit would have to be pretty high on the
> list.
> >
> >Regards,
> >
> >John
>
>
> --
> Bellows Falls Vermont
> www.eleanoraeden.com
>
Mayssan Farra on wed 15 sep 10
I just would like to add to what Bonnie is saying (always listen to Bonnie)=
=3D
that =3D0Ashe is only talking about the IRS not your local municipality, s=
ta=3D
te and town =3D0Awhich all have their own designations requirements and nee=
di=3D
ng a piece of your =3D0Aprofits one way or another :)=3D0Amy municipality r=
equi=3D
red me to keep inventory and they called me Hawker Peddler =3D0A:( because =
I =3D
mostly sold at arts and crafts fairs.=3D0A=3D0A =3D0A=3D0AMayssan Shora Far=
ra=3D0A=3D0A=3D
http://www.clayvillepottery.com=3D0A=3D0Ahttp://clayette.blogspot.com=3D0A=
=3D0A=3D0A=3D
=3D0A=3D0A----- Original Message ----=3D0A> From: Bonnie Hellman RONTIE=3D
R.NET>=3D0A> To: Clayart@LSV.CERAMICS.ORG=3D0A> Sent: Tue, September 14, 20=
10 1=3D
0:23:01 PM=3D0A> Subject: Re: [Clayart] IRS + occupation status: federal ta=
x =3D
#=3D0A> =3D0A> I recommend that businesses get an EIN (which stands for: Em=
ploy=3D
er ID=3D0A> Number) which is the same thing as a Tax ID Number (or TIN) be=
ca=3D
use that way=3D0A> you will never have to give businesses your social secu=
ri=3D
ty number. When=3D0A> they ask for your SS #, you tell them that this is y=
ou=3D
r Tax ID Number.=3D0A> =3D0A> Also, if you establish a pension plan such a=
s a =3D
small 401(k) plan (same as a=3D0A> self employed 401(k) plan) you will nee=
d =3D
a Tax ID Number.=3D0A> =3D0A> And yes, if you have employees, you are requ=
ired=3D
to have an EIN or TIN=3D0A> (which are the same thing).=3D0A> =3D0A> And =
yes, s=3D
mall businesses are not required to maintain inventory. There are=3D0A> ce=
rt=3D
ain rules for which businesses qualify and which ones don't.=3D0A> =3D0A> =
Bonn=3D
ie=3D0A> =3D0A> =3D0A> Bonnie D. Hellman, CPA=3D0A> Ouray, CO 81427=3D0A> =
=3D0A> As re=3D
quired by United States Treasury Regulations, you should be aware that=3D0=
A>=3D
this communication is not intended or written by the sender to be used, a=
=3D
nd=3D0A> it cannot be used, by any recipient for the purpose of avoiding p=
en=3D
alties=3D0A> that may be imposed on the recipient under United States feder=
al=3D
tax laws.=3D0A> =3D0A> =3D0A> =3D0A> =3D0A> -----Original Message-----=3D=
0A> From: Cl=3D
ayart [mailto:Clayart@LSV.CERAMICS.ORG] On Behalf Of Lee Love=3D0A> Sent:=
T=3D
uesday, September 14, 2010 12:50 PM=3D0A> To: Clayart@LSV.CERAMICS.ORG=3D0A=
> Su=3D
bject: Re: IRS + occupation status: federal tax #=3D0A> =3D0A> On Tue, Sep=
14,=3D
2010 at 9:11 AM, Eleanora Eden wrote:=3D0A> > I ha=
ve=3D
always thought that registering with the feds and getting a=3D0A> > busin=
es=3D
s tax # to be the most important item.=3D0A> =3D0A> This page tells you who=
ne=3D
eds a federal tax number. I think the most=3D0A> common need is when you =
h=3D
ave employees. Non-profits are required to=3D0A> have them.:=3D0A> =3D0A=
> http=3D
://www.irs.gov/businesses/small/article/0,,id=3D3D97872,00.html=3D0A> =3D0A=
> =3D
Also, if you are in manufacturing category, you have a choice on=3D0A> how =
yo=3D
u handle your inventory. We learned about this from the=3D0A> Resources=
=3D
and Arts Council (now Springboard for the Arts) who gave=3D0A> workshops fo=
r =3D
artists and craftspeople. Make sure you talk to=3D0A> someone experie=
nc=3D
ed in this area.=3D0A> =3D0A> http://springboardforthearts.org/=3D0A> =3D0=
A> --=3D0A=3D
> Lee, a Mashiko potter in Minneapolis=3D0A> http://mingeisota.blogspot.c=
om=3D
/=3D0A> =3D0A> =3DE2=3D80=3D9CObserve the wonders as they occur around you=
. Don't cl=3D
aim them. Feel=3D0A> the artistry moving through and be silent.=3DE2=3D80=
=3D9D --R=3D
umi=3D0A> =3D0A=3D0A=3D0A
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