September 28th, 2007

forget me nots

I'm official! or, all the things I accomplished this week...

So I'm a business!

I did lots of research and figuring out of what I needed to get done.

Yesterday I registered my dba.

Today I applied for my sales tax license, acquired a Federal Employer Identification Number, found out the when/how/how often of paying sales tax. Up to $750 in tax goes annually (like $12,500 in sales I think) and above that would be quarterly. I'll get my copy of the license in the mail in a week or so and also a book with all the information on how I send it in and the form I'll need. I'll have to pay by Feb. 28 I think. I'll need to charge tax on the sale of prints but not the creation fee.

Filling out the application for the sales tax license was challenging. In the middle of that was when I needed to acquire the EIN and on the irs site when I finished all that the number I got was 8 digits. Well an EIN *has* to be 9 digits. So I had to call the IRS and hope that my info wasn't lost in the void until I got something official. I was in luck and the lady helped me find my missing digit. A zero on the end that I swear was not there when the site showed me the number. Then there were a couple parts that if i filled them out the way the site said to, would take me to parts that didn't apply to me and that I couldn't fill out. So I had to call for help on that and the lady told me to just answer the other way (even though the site said something different). But in the end I got it all worked out.

Now I'm going to go over to my credit union and see about setting up an account so I can accept checks in the business name. So I don't look all shady or anything making people sign checks to me personally.

Also, unrelated to the business junk at all, Biscuit was in the bedroom with me while I was on the phone and he was ferociously attacking steve's ear plugs. They were good prey. He batted them, carried them in his mouth, batted them some more. It was very amusing.
forget me nots

from an email plus love for the CU

"We have received your Michigan Business tax e-Registration application, which is being reviewed. Once our review is complete, we will either contact you for additional information or complete the processing. When review of your application is complete and if you registered for sales tax, you will receive your sales tax license within 7 days. Your tax booklet with filing instructions, returns and an additional copy of your sales tax license will be mailed separately, usually within 4-6 weeks. If you do not receive this information within this period, please contact our Registration Division..."

Wee! Moving forward.

Also, I love my credit union. I went there earlier and it was pretty simple. She just made a copy of my dba paper and set it up so that under my regular personal account, I can cash checks made out to my business name. I also had her put in another savings account that I will use strictly for business money. Easy! More Wee!