Very new to signing, 2 months, but it’s exploding and going well in my area.
Question is, for tax purposes, do I continue on the route of an independent contractor w9 or should I register and get a business ID number?
Can someone explain the pros/cons? I’m clueless.
Thank you!!!
Rather than have your SS# ‘out there’ (ID theft is real), I urge you to go to IRS.gov and get an EIN and provide that on the W9 you must provide to hiring parties instead of your SS#. It’s easy, FREE and takes 5 minutes.
I agree I would get an EIN number versus having your SSN out there
EIN. If you’re in CA, apply for a DBA, and get the business license for your city, even if it’s a mobile business. Do NOT wait until next year or 5 years down road to do this… they can and will find out when you first started and charge, with INTEREST and back registration fees, which can then be more than what it was initially (have a friend that works for Long Beach’s biz license. She’s told me horror stories of people owing anywhere from 2 years worth, that’s about $850, the 2 years that were unpaid, plus interest, plus the current year. That may not seem bad, but there’s been people who think that they’re not sure if the biz is going to pick up…5 years later, they’re looking at a bill that close to $2000! Um that’s like giving the city 6-8 of your signings). Just be sure to go on to the 3rd google search for the EIN, otherwise, it’s $260. It’s a free service from the IRS. But, the company will make it look “official”. That’s all. Hope this helps.
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