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Thread: Business License?

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    Veteran Member Artemis's Avatar
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    Default Business License?

    The financial advisor at Wash. Mutual bank said I should get a business license because that will lower my taxes and I'll be able to invest more as a business than as an individual. I've heard something like this before. Has anyone here done this and how do I go about setting myself up as a business? I'd like to have a higher bracket for a retirement account if possible, so this really sounds good, not to mention a tax break. I found an accountant and he said I don't need to call or do anything until December (except keep track of my income).
    Artemis

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    God/dess Zofia's Avatar
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    Default Re: Business License?

    As you might imagine, the IRS has a form for it! LOL. File a form W-4, Application for Employer Identification Number. Go to http://www.irs.ustreas.gov/pub/irs-pdf/fss4.pdf for the form.

    Your locality or state, or both may also have rules that require a filing. Check with your State Department of Commerce. You might also check with your city, county or town business license office.

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    Senior Member commando's Avatar
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    Default Re: Business License?

    Usually this needs to be done through the state. It's true that you could get a lot more tax breaks and invest more for retirement as a business. There are several different plans you can set up, like a Keogh plan or a SIMPLE SEP plan, or even a newer one called individual (K), like a 401(k) for sole proprietors. I would recommend speaking with a financial advisor or CPA about you options. I'm not registered in Oregon, which is where you are I think, so I don't think I can give you too much specific advice, but if you have questions, I can try to help you out. Also, I like Washington Mutual Bank, but as far as Financial Advisors go, I would go with someone a bit more professional who has access to more resources and investment vehicles. (In the industry, we look at bank financial advisors as kind of a joke)

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    Veteran Member Artemis's Avatar
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    Default Re: Business License?

    Thanks
    Artemis

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    Member dlunatics's Avatar
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    Default Re: Business License?

    BL are easy to get. But remember you must have 2 in some states !!! One for the state and one for the city you work in. When you file your tax for fed and state make sure you have them both. If not they will get you. In AZ you need state lic. which cost $12.00 life of busniess. For city lic it is $50.00 per year. Just go down to Dept of Revenue for your state and city. Fill out form and you are done. You can write off your clothing for work, transportation to and from work(miles which is a write off of $0.30 or so per mile) It adds up. Makeup and so on.
    ROCK ON !!!

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