Hello jkbentley,
Thank you for your question. I am happy to assist you.
As a sole proprietor who does not have any employees, you are not required to have an EIN. But you can apply for one if you would like to. Without an EIN, you would use your social security number (instead of EIN) as the taxpayer identification number.
A wholesale number is applicable when you do not pay taxes on products that you will not use directly in your business. You will retail these products to other individuals or companies. Hence, it depends on your line of work to determine if a wholesale number is required for your business.
Some of the expenses that you can deduct from the income of your business includes:
- Advertising costs
- Supplies
- Repairs and maintenance
- Office expenses
I have attached a link on “Reporting Self-Employment Business Income and Deductions for your reference below:
https://turbotax.intuit.com/tax-tips/self-employment-taxes/reporting-self-employment-business-income...
As for business accounts, yes, it is recommended that you set up a separate account for your business. It is not advisable to use your personal account for any of your business transactions.
Please let me know if this answers your questions, or if I can be of further assistance.
Thank you!
Shirleyh88
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