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Old 10-17-2007, 04:42 PM   #41
SPYDER BITE
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Coming from a reletively new business owner one thing you need to know is no matter how much money you invest, you keep adding to your investment to keep it alive. I am told that you get your head above water at some point; we are still coming up for short breaths.Good luck with your venture.
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Old 10-17-2007, 04:47 PM   #42
Faylaricia
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Quote:
Originally Posted by ninja nana View Post
I am told that you get your head above water at some point; we are still coming up for short breaths.
Someone told me once that you'll run red numbers for the first two years.

I guess that would explain my a lot of businesses fail within the first year. Not enough cash flow?
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Old 10-17-2007, 04:53 PM   #43
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Quote:
Originally Posted by Faylaricia View Post
I don't know much about being an contractee but if I hire someone under a contract, I would have to give him/her a 1099 so they can report their income. I also have to ask for their tax ID. My accountant told me, if I don't, one day they can turn around and claim I was their employer to collect unemployment and the IRS can ask me how come I never paid ssn taxes, etc. as an employer should.

Some professions (like consulting) don't have to charge tax, correct. It depends. I would think that CAD work is considered data entry (webdesign is) and that is taxable.

To be sure, wlgorman, get a consultation with an accountant. Better safe than sorry.
Your SS can be your state or federal tax ID but, it is not the recommened practice.
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Old 10-17-2007, 04:59 PM   #44
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Your SS can be your state or federal tax ID but, it is not the recommened practice.
Yes, mine is. But I still have to have a Texas State Sales tax permit.

Not to confuse, there are two types of tax ID:

1) income tax (can be ssn or EIN)
2) state sales tax

Both are handled separately and one has nothing to do with the other.
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Old 10-17-2007, 06:09 PM   #45
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Thumbs up

I checked out entrepreneur.com when I started my business three years ago and have never been more happy. I also got an LLC because of the tax and ownership protection.
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