Frequently Asked Questions (FAQs)
1. What is an EIN and why do I need it?
An EIN (Employer Identification Number) is a unique number assigned by the IRS to identify your business for tax purposes. You need it to open a business bank account, hire employees, and file taxes.
2. How do I form an LLC?
Forming an LLC involves choosing a business name, filing articles of organization with your state, and paying the required fees. We can help you with the entire process.
3. What is a C-Corp and how is it different from an LLC?
A C-Corp is a legal structure where the owners are separate from the business. It offers limited liability protection and is taxed separately. Unlike an LLC, a C-Corp can issue stock and is ideal for larger businesses.
4. What is an ITIN and who needs it?
An ITIN (Individual Taxpayer Identification Number) is for individuals who are not eligible for a Social Security Number but need to file taxes in the U.S. It’s often used by foreign nationals or non-residents.
5. What is a reseller permit and why is it important?
A reseller permit allows businesses to purchase goods without paying sales tax, as they intend to resell them. It’s essential for businesses that sell products to avoid double taxation.
6. How can I ensure sales tax compliance?
Sales tax compliance involves registering for a sales tax permit, collecting sales tax from customers, and filing regular sales tax returns. We can help you stay compliant with state regulations.
7. Do you offer website development services?
Yes, we provide website development services tailored to your business needs, including e-commerce, responsive design, and SEO optimization.
8. How long does it take to get an EIN?
Typically, you can get an EIN immediately if you apply online. If you apply by mail or fax, it may take a few weeks.
9. Can I change my business structure later?
Yes, you can change your business structure (e.g., from LLC to C-Corp) by filing the necessary paperwork with your state and the IRS.
10. What are the benefits of forming an LLC?
An LLC offers limited liability protection, pass-through taxation, and flexibility in management. It’s a popular choice for small businesses.
11. Do I need an ITIN if I already have an EIN?
An EIN is for your business, while an ITIN is for individuals. If you’re a business owner without a Social Security Number, you may need both.
12. How do I apply for a reseller permit?
You can apply for a reseller permit through your state’s tax or revenue department. We can assist you with the application process.
13. What happens if I don’t comply with sales tax regulations?
Non-compliance can result in penalties, fines, and even legal action. It’s crucial to stay updated on sales tax laws and file returns on time.
14. Can you help me with ongoing tax compliance?
Yes, we offer ongoing support for tax compliance, including filing quarterly and annual returns, and staying updated on tax laws.
15. What is included in your website development services?
Our services include custom website design, e-commerce integration, mobile responsiveness, SEO, and ongoing maintenance.
16. How much does it cost to form an LLC?
The cost varies by state but typically ranges from $50 to $500. This includes state filing fees and any additional services you may need.
17. Can I form an LLC in a different state?
Yes, you can form an LLC in any state, but you’ll need to register as a foreign LLC if you operate in a different state.
18. What is the difference between an ITIN and a Social Security Number?
An ITIN is for tax purposes only and does not provide work authorization or eligibility for Social Security benefits, unlike a Social Security Number.
19. How often do I need to file sales tax returns?
The frequency depends on your state and sales volume. It can be monthly, quarterly, or annually.
20. Can you help me with international tax compliance?
Yes, we provide services for international tax compliance, including ITIN applications and guidance on cross-border tax issues.