- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business ID EIN
Can I use my social or do I need EIN for relatively low crafting sales? Also I had no income last year from this but I did incur expenses. Can I still claim them? How to itemize?
August 31, 2022
10:05 AM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self employed
Hi Shar55,
An EIN is not required unless you have at least one employee. However, using the EIN instead of the SSN offers you more security against fraud or identity theft. The IRS says that you should have a profit in 3 of 5 years in which you are in business and filing a tax return. In order to claim your expenses, you would need to complete IRS form Schedule C to show the amount of income received and the expenses incurred for that year.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
August 31, 2022
10:19 AM