Business Taxation

What is my GE tax Number Hawaii? Hawaii SalesTax ID’s that are issued after the modernization project begin with the letters “”””GE”””” and are followed by 12 digits. (Example: GE-999-999-9999-01.) All sales tax related account IDs begin with the letter “”””GE”””” to reflect the tax type: General Excise. Read more on support.taxjar.com In Hawaii, there … Read more

What is my NJ state tax ID? * Your New Jersey tax identification (ID) number has 12 digits. If you have a Federal Employer Identification Number (FEIN) assigned by the Internal Revenue Service (IRS), your New Jersey tax ID number is your FEIN followed by a 3 digit suffix. If you do not have a … Read more

Can a single member LLC elect S corp status? As a single member LLC, you can elect to be taxed as an S-Corp as long as the election is made no more than two months and 15 days after the beginning of the tax year you want the election to go into effect. You make … Read more

How much does it cost to maintain an S corp? Annual state registration fees. Depending on the state you live in, you may have to pay a yearly registration fee for your S Corp. Costs vary state to state but can range from $20 all the way up to $800. Read more on www.collective.com S … Read more

Can you change your business name on EIN? Business owners and other authorized individuals can submit a name change for their business. If the EIN was recently assigned and filing liability has yet to be determined, send Business Name Change requests to the IRS address where you file your return. Read more on www.irs.gov One … Read more

How do I convert to an S-Corp? For federal tax purposes, you can simply make an election for the LLC to be taxed as an S-Corporation. All you need to do is fill out a form and send it to the IRS. Once the LLC is classified for federal tax purposes as a Corporation, it … Read more

Does my multi-member LLC need an EIN? All multi-member LLCs require an EIN, regardless of whether they are taxed as a partnership or have elected to be taxed as a corporation. However, the situation for single-member LLCs is a little different. Unless a single-member LLC has elected to be taxed as a corporation, the IRS … Read more

Can an S Corp operate in multiple states? Many S corporations do business in multiple states and must file income or other tax returns in them. Many states have been more aggressive in going after out-of-state companies doing business in their states. Read more on www.journalofaccountancy.com Due to their tax advantages and limited liability protection, … Read more

Can I use one ein for multiple businesses? You cannot use the same EIN for multiple businesses, even if they are owned by the same person. EINs are not limited, so you may apply for as many as you need. Read more on www.incfile.com You could be thinking about creating many enterprises as an entrepreneur. … Read more

Can I buy clothes through my business? Business deductions are allowed for purchasing and maintaining uniforms and work clothes that are required by the employer and that are not appropriate for everyday use. Examples of people who wear uniforms that are not worn for occasions other than work are mail carriers and law enforcement and … Read more