Business license and tax ID advice?

[Natalie Crowley]

Hi all,

I have started to make a little bit of cash with my notecards on etsy and beyond, and I think it's time I get my business license and tax ID number and start being a little more legit. I am still so new to everything, and I could google for advice all day long, but I feel that the advice will be best coming from all of you! Please feel free to contact me directly with your personal experience with getting a business license/tax ID - [e-mail].

Thanks a bunch! :)

Natalie

[Mary Ann Staib]

Natalie - the cost of the business license was around $130 for me (in Sandy Springs). Like Rebecca said, the cost will vary based on different factors. I only paid $50 for it when I was in Florida. I'm the type that likes to be prepared for all situations so my advice would be to go ahead and get it. When you get it, you'll also be responsible for collecting sales tax and reporting that on a monthly basis. It's not too hard to figure out and I can help you with that if you necessary.

[Rebecca]

Natalie, usually the cost of a business license is based on your revenue (or predicted revenue) for the city's fiscal year. For your first year, that is an estimate. Don't forget to subtract your expenses from your sales so the estimated figure is accurate. If you live in the city of Atlanta, you can print out the form on their website. Not sure about other localities.

[Margie Thorpe]

Natalie
I have a tax ID for Veggie Hubby but I waited on a business license for several reasons. If you would like to discuss further, email me directly at [e-mail]
Also, I HIGHLY recommend taking advantage of the workshops and FREE counceling that SCORE offers. I went to an all day workshop on starting a business there for $50!! THe best part is everyone that does a piece of the workshop (professional CEO, attorneys, etc) are all willing to take calls from you for advise. Amazing! Check it out at score.org and then go to the Atlanta website.

[Natalie Crowley]

Hi there - well, I've grossed $178 in sales since Feb 1, so I'm thinking I might get to the $600 mark and I should be prepared. Is it a significant cost to get a license? Feel free to take this offline via gmail if you need to ;) And thanks so much!

[Lady Rogue]

Natalie ... If you are not going to be grossing over 600 dollars this year in sales, then the government considers what you do a hobby. Have you run projections?

It is however worth noting that you can claim expenses and infrastructure costs and post a loss for your business, which has some tax benefits. Might come down to if you're handy with paperwork ...