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Level 1
posted Aug 30, 2023 9:09:02 AM

Business tax ID

I'm in a self-paced internship, technically self-employed, but making very little money.   Am I required to register as a business and obtain a business tax ID to report income and losses?  Added info: The income and losses are very straight forward, and I have no employees. 

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1 Replies
Employee Tax Expert
Aug 30, 2023 9:25:00 AM

There is a great tool on IRS.gov that with a few questions you can determine if an EIN number is right for you. 

https://www.irs.gov/businesses/small-businesses-self-employed/do-you-need-an-ein 

From your description, at this time you may not need one for your Federal Income tax. However your state may have different rules. You will want to reach out to your State Taxation and Revenue office to get the information on filing and licensing requirements. You may want to ask them if you will have any requirements for Gross Receipts collection also. Gross Receipts are not part of your personal tax return but can be a state requirement. 

Have a Great Day!