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 - Sunday Drives - by Cowboy. Summer was finally upon us here in Northern Maine. We have two types of industry up here, one being "Forestry" (Wood Products) and the other "Farming" (Potatoes). There is no shortage of farm tractors and equipment around here! I have been restoring old Farm Tractors for the past 6 years, and have found it easier and less expensive to hit all the auctions and purchase whole tractors for parts needed. My wife who works at a local school, and only has weekends and summers off, while on t
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