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jcorron · June 27th, 2007

I have the opportunity to sell my tees this summer at a concert venue in columbus.
I am about to apply for a transient vendors license. I am unclear if I have to charge sales tax on my items. The tees sell for $25.
What is the appropriate and ethical way to handle and report my earnings?

If your company is an LLC, do you have to fill out an SS-4 for and EIN number? or do I just report with my personal taxes?

Numbers frighten me but I know the knowledge is out there and I would really appreciate any insight..
Thanks in advance.
J

Rodney · June 27th, 2007

You always have to charge sales tax on items sold in your state (unless your state doesn't charge sales tax statewide)

You report your tax earnings by filing your sales tax returns. This is why you would need a reseller's permit for your state.

txmxikn · June 27th, 2007

We have sold different things at festivals all our taxes are included in our prices. It makes for a lot easier and faster transactions. And all our prices always in whole dollar numbers that way we don't have to worry about coins at all.

jcorron · June 28th, 2007

thanks for the info!

Rodney · June 28th, 2007

Keep in mind that even though taxes may be "included" with the pricing, you still have to report all taxes that you accept must be reported on a sales tax return.

tsunami7 · June 28th, 2007

Quote:

Originally Posted by jcorron


	If your company is an LLC, do you have to fill out an SS-4 for and EIN number? or do I just report with my personal taxes?

I would say like most tax issues this can be yes or no. If you have no employees or you pay no wages to yourself it would probably be no. Be careful though because even though you are a LLC the IRS expects you to pay wages to anyone who is doing work, even if that means you as the owner. It looks funny when when the owner of an S-Corp or LLC retains all the profits and makes no wages when they are doing all the work. I'm no tax expert of course....

this might help

Frequently Asked Questions - Keyword: Employer Identification Number (EIN)