What kind of Business Tax ID or reseller permit do I need for a flea market business?

Question

I will be buying stuff online and some website ask for a Business Tax ID, am ready to get one but I don't know what kind of ID do I need since am not going to have any employees or a store. My business will be in the flea market

Thanks

Answer 1

It sounds like you have a sole proprietorship. In this case you use your social security number for your tax ID. You will also need to file estimated taxes. You don't pay estimated taxes the first year. The second year you know how much to estimate. Be sure to only write down sales that can be traced. Cash sales are your friend. Keep them separate. You will have to decide how stringent you are going to be about the taxes paid on sales. I had a home improvement business and I paid taxes on every penny that I made.  Other people I know don't turn in cash sales. You will have to decide for yourself.