Question


Anthony M

How to get a New York state tax ID for a my own business?

I basically need to know how to get a New York state tax ID number. I went to the IRS sight and wasn't sure how to do it. I will be working for myself. I will be a commodities trader for a company. I will not be employed by them but they will hire my company to sell for them. But I will be by myself. Can you please give me a link to go to and how to go about it? Do I want to be a sole proprietor, LLC, and etc.? Not sure what to choose or even what I can choose. And how do I set it up so I can pay myself a salary?

4 weeks ago - 5 answers

Best Answer

Chosen by Asker

You already have a tax ID number. It's your Social Security Number. There is no need for you to form an LLC or do anything else just to become a commodities broker. You would need a federal ID number only if you have employees. New York has ID numbers for businesses required to collect sales tax. You don't appear to need either. You can read about the purposes and the disadvantages and advantages of forming an LLC on Wikipedia. en ... The IRS is for the federal government. New York is a state. That's why you couldn't find a New York form on the web site (not sight) of the IRS. Doing business as an LLC in New York costs more money than operating as a sole proprietorship. If you are in New York City, the form of business won't change the requirement for you to file an Unincorporated Business Tax return (see www ... for more information) I hope this helps. Gary

by garyg7

4 weeks ago

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Other Answers

You get get that from the State Revenue Dept. This is in addition to your local occupational license and city tax number.

by WC- 4 weeks ago

You might check Legalzoom.com they handle dba llc's and wills for a modest fee i used them for my llc and they set me up properly

by William- 4 weeks ago

You need a employer identification number. You would be considered a sole proprietor if you own and operate the business, even if you have employees. You would not need to setup to pay yourself salary. When you fill out the 1040 you would put your business income on this form. It will direct you to fill out a schedule c and se tax form. Yeah the Irs website is all over the place. You can get your ein the same day you fill out the form online. Now you may need to register with your city dependent on if you need a business license, but you will need the ein first. www ...

by imaam3ricansup3rstar- 4 weeks ago

as a sole proprietor your SS# is your ID without employees you do not need to get an EIN(or one from the state) as a sole proprietor, you do not pay yourself, you are able to take whatever you want from the business, you will be taxed on your 'net' amount on your Sch C, you will be responsible for your se tax, on Sch SE, approx. 15.3% of your 'net' absolutely not form an LLC, you are a small operator and at this point is of no value to you at all, just cost you money and aggravation

by tro- 4 weeks ago