Your federal tax id number is issued to corporations, businesses, estates, trusts, and partnerships by filing form SS-4 with the IRS. Sole proprieterships reporting income on schedules C, F, or E typically use the owners social security number. Resale numbers and certificates deal with your state's sales taxes, if applicable. At least here, farm equipment used for farming purposes for food animals is tax exempt. But, as a seller/reseller you would be responsible for collecting sales taxes or the appropriate exempt forms. Here, at least, services are not taxable for sales tax so a lot of shops/people pay the sales tax when purchased or on their state tax return at the end of the year and any mark up on parts is 'hauling' or some other item not subject to sales tax. None of this is offered as tax advice, just my understanding of what my accountant told me that applies to my own situation. I'm a sole proprietership, reporting every penny on schedules D,E, or F who pays sales tax on all resale items reported on state returns at the end of the year.
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Today's Featured Article - Identifying Your Tractor - by Staff. Maybe you bought it from a friend who didn't know what kind of tractor it was, or perhaps (and this is every tractor fanatics dream) you stumbled across it in an abandoned field covered with weeds but intact. In any case, you have no idea what the make and/or model is. For awhile perhaps it doesn't really matter. Especially if it runs! But pretty soon you'll probably need to tinker with it a bit and maybe buy a part or too. Having a manual is nice. But how does one go about dete
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