|Becoming a legitimate business is easier than you'd think!|
How do you become legit?
First things first, you need to apply for a EIN, or Employer Identification Number, from the IRS. Do you really need an EIN? While a lot of people think that you don't need this number if you aren't going to hire any employees, that's inaccurate: the IRS website says that if you are starting a new business, you need an EIN. You'll need this number later to apply for business retail permits, a business bank account, and for wholesale accounts. While this all sounds quite scary, it's actually a really easy process. The hardest part, I suspect, is remembering to to click the link during the available hours, since the IRS EIN application is only available on certain days and times. I just filled out my application and it took all of five minutes. I printed out the pdf file and now Literary Tease is a legitimate business. Woohoo!
Confused about all this stuff? I hear ya! Check out etsy seller, JJMFinance, for ebooks on all the nitty-gritty financial details about being a seller on Etsy. Jason says, "I am CPA (Certified Public Accountant) and have worked as an international accountant, not-for-profit accountant, and treasury professional (cash & banks). I also have helped countless small business owners with their financial needs." Jason's positive feedback and the recommendation of a friend convinced me to try his product.
I purchased the Whole Financial Tamale for $50, which I know is going to pay for itself in no time. It's informative and easy to read/understand. I was feeling really scared about taxes for 2010, since it's the first year that my business actually pulled in profits (I think!) and I'm a lot calmer now that I have Jason's eBooks to guide me through the process. This year will still be scary, but I know that next year will be much smoother because I'll be organized and tracking my expenses all through 2011.