[NJARC] business names - NJ Tax ID

[Peter Markavage]

For NJ, you can either file monthly sales tax collections or quarterly,
depending on the amount of revenue you bring in each month.  If you only
file quarterly, you must file even if you had zero sales for any month in
the quarter or zero sales for the entire quarter. For federal and state
tax filings each year, you don't need to be an LLC unless you feel there
is the potential for liabilities or monetary garnishments against your
business or if you have several partners in the business. For federal and
state tax purposes, sole proprietorship is typically (especially for a
one person business) the way to go. Also, at tax time filing for both
federal and state, form "Profit and loss of a Business" (I think it's
2106) must be filed along with the rest of your tax forms. Depending on
the amount of revenue generated in a year, you may also be subject to a
"self-employment tax".

Typically, for a sole proprietorship, the tax ID is nothing more then
your social slightly rearranged. However, make sure your business name is
unique (no one else is using the same business title)within your State or
County (I don't remember which) of business. The County Tax Office will
have all business names that have registered and have tax "ID's" on
record.

Pete, wa2cwa


On Sun, 10 Aug 2008 15:39:41 -0400 John Dilks K2TQN
<oldradio at worldnet.att.net> writes:
> Visit our web site - See http://www.njarc.org
> _______________________________________________
> 
> John,
> 
> Make sure your Sales tax forms are always up to date.  Do not forget 
> 
> to file them on time, every 3 months (I think), even if you have no 
> 
> sales.  They have a hefty fine for those forgetting to file on time, 
> 
> even if you have no sales, even if you stop your business. Then, 
> don't forget to file your state income tax showing earnings to match 
> 
> your sales - they track with each other.  Keep good records and save 
> 
> all your receipts for expenses.  If you are not able to do a good 
> and 
> accurate job accounting your business, then get an accountant.
> 
> I wish you good luck though and hope you fair well.
> 
> You should assess your projected sales and profits from the sales at 
> 
> this antique mall booth.  Will you earn enough to make it worth 
> while 
> to "go into business"?  You will spend a lot of time doing 
> paperwork, 
> and not playing with your radios or doing school homework.  You 
> appear to be close to college age, and I hope you will go to 
> one.  Ask yourself this question, Will you be able to keep your 
> business going if you go to college?  Most people underestimate the 
> 
> time it takes to do college work, especially in the first years 
> there.  Keep your eye on your target; and your target should be 
> where 
> you want to be in 10 years, not next month or not next year.
> 
> Please show this message to your parents and talk everything over 
> with them.  Also if you have a relative who is in business, please 
> talk to them too.
> 
> 73, John
> 
> At 02:51 PM 8/10/2008, you wrote:
> >Visit our web site - See http://www.njarc.org
> >_______________________________________________
> >I need a business name cause. I need a tax ID. I need it because I 
> 
> >will be renting a both in a new antique mall that is opening by me! 
> 
> >I dont have any other way to do this. The last thing I want to do 
> is 
> >give my hard earned money to the grate state of NJ. How ever that 
> is 
> >the only way thanks.
> >
> >John T
> 
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