i have been doing taxidermy for freinds, releatives,and etc for the past 8yrs. i have a shop with its own seperate elec meter and water meter i will be retiring from my 31 yr job soon and plan on this being my retirement job..questions..never having been in business for my self does taxidermy work require you to collect taxes on work done? and do i need a tax i.d number or will my own name be ok?
i live in texas
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You will need to collect taxes and have an ID#. BP
I don't bother with it. The bulk of my work is providing a service. Services are non-taxable.
And, my S.S. # is my tax I.D. If you don't plan on having any employees, I would suspect you could do the same...
Don't Be 'misinformed'.
You need a Vendors License for your State...to collect taxes and report and file them quarterly. Contact your local Clerk Of Courts in Yellow Pages foir address.
Simple form...fill it out...mail it in...get license...yer protected. You then supplythis Tax ID number to dealers in your State to avoid paying tax on materials you buy...but you charge the State Rate to your customers.
...my 'Signature'...Alzheimers Setting in...after 1,200 Years. <~ ETCC>
~ ETCC
Tax laws vary from state to state. Here in Minnesota, according to my accountant, you need to charge sales tax on the entire mount. That is your finished product. That what our state tax code says, even has an example for taxidermists. I suppose if you were to bill your mounts like a plumber, so much for parts and materials and then bill your hours as a service, then your labor could be considered non-taxable. But I don't know of any taxidermists that do that - it's just $400 or whatever for a deer mount.
are taxed here in Indiana. I break down the bill Labor/Parts the taxes are collected on the parts.My accountent has told me someone has to pay the taxes on the supplies, if you pay tax on the supplies when you buy them, then you should try to recoupe. Having a tax # allows you to do this in my state, this also allows you not to be charged taxes on the supplies when you are able to purchase at you local stores i.e. WalMart,Kmart,Hobby Store,Hardware Stores.Just don't forget to send the taxes that you have collected,depending on quarterly, semi-annual,or annual. Good luck hope this helped out Pete
Doc,
I also operate in Texas. I have been doing taxidermy for customers for the past ten years but have only been paying taxes for the past three. It can be very beneficial in regards to tax write-offs and deductions. It's not as complicated as you may think and not much of a hassle either. Furthermore, you now have the option of paying your taxes yearly instead of quarterly ( if your quarterly taxes do not exceed $1,000.00 ). If you have any questions, feel free to email me.
HH