I do have a little bit of products for resale,, hair spray ,etc.... i was told if it was under $400.00 .I would not have to report it. is this true? or do I need some other type of Lic.?I'm a Hair stylist,working out of a studio. I have my business lic.Do I need a tax ID number too?
With any sales like that you have to report them. If you were audited and they saw that you had products for sale that you didn't report you'd be in huge trouble. Best way to go about it would be just not reporting all of your sales if you really wanted to go around it. You should talk with your city about what licensing you need. If you are running the business in your name as a sole proprietor, you don't need a tax id, your SSN works for that.
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