Do I need an EIN from the IRS?

Free Member
fodayz
Posts: 5
Joined: 06 Dec 07
Karma: 
2 Jun 08 01:54:28 am
I have a full-time job and plan to sell DVDs online on the side. Do I need to apply for an EIN with the IRS before I begin to sell my items on Yahoo! Merchant? Also, would I need to report the money I make from selling my items as additional income, and would I be then considered as self-employed? Please help.

Full Member
grace-salehoo
Posts: 331
Joined: 15 Jun 06
Karma: 
2 Jun 08 07:07:22 am
Hi there,

No you don't need an EIN until you hire employees or register your business.

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However, you do need to report the money you make from selling DVDs & whatever else you made decide to sell. Although you may only be selling for a few hours a week, you are still considered to be Self Employed by the IRS.

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Being self-employed means that you not only have to pay income tax on any earnings, you also have to pay self-employment tax of 15.3%.

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You can read more here: Link hidden: Login to view


Grace

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