HI i was looking through the blog n i saw this. I live in singapore.. so i would like to ask do i still need the tax ID number? is my country's tax id number valid for overseas use? And I'm not even of tax paying age yet.. so i'm really quite lost with the issue here.. please someone help me out. thank you
'If you are serious about establishing a business on eBay, then youâ€™ll need a federal Tax ID number. Find out whyâ€¦
What is it? Your federal tax ID number is a nine-digit number used to identify you to the IRS. This is different from a Sales tax number, which is issued locally.
Who needs it? All businesses selling products or services that pay any kind of taxes and/or have employees must have a federal tax ID number (also known as an employer identification number or EIN).
That means all eBay sellers need to get one, except if you are the sole proprietor of the business. In this case you can use your social security number instead. You can apply for your Tax ID number online through the IRS website.
As an eBay seller, there are 5 reasons why a Tax ID is useful to you:
Tax Breaks: If you run your business from home, you will be eligible for a number of tax breaks. To take advantage of these you will need your tax ID when you file your returns.
Business account: If you want to open a business bank account, you will need your tax ID as well as the social security numbers of the signatories.
Employees: Many eBay businesses have employees, often just part-time students taking care of packaging and post. Before you can legally employ anyone, you need a tax ID.
Open Wholesale accounts: Wholesalers in the US want to see that you are a legitimate retailer before doing business with you. Some states also legally require wholesalers to get a Sales tax number from you as well.
Tradeshows: Tradeshows are a great way of meeting wholesalers, but you will need your Tax ID to register. '