taxation and texas permits
So far, through the legalese and gobbldy-gook that is the Texas government website arrangement, I've garnered that I have a few things to do to open up my dealership and smithy shop here in Seagoville.
If anyone has a business in Texas, or otherwise has experience with these issues, could I trouble you to help me out with these issues?
- the self employment tax; if there is such a thing, how much is it on average? I have never heard or such a thing, so I don't know if it's on a federal or state level.
- the NAICS code; each business has one, but they are not individualistic, each type of business has one. My email to the state two days ago has gone without an answer, and I'm getting antsy.
Apparently there is a code for a gunsmith without retail, and one with wholesale, but not one with retail.
- Sale tax; Texas had no personal income tax, but I don't know about a business tax. We have to charge 8.25% of the value of each purchase as sales tax. How often is this tax paid to the state. Some sources say annually, some say quarterly.
- do texas firearms dealers need an EIN even without the extra employees?
Any light you can shed on this would be very helpful. So far the state surely hasn't been.
I will answer the ones I can. My wife is our bookkeeper, so take this for what its worth.
Self Employment Tax is Federal level. I BELIEVE its social security and medicare. You can get some more information here: http://www.irs.gov/businesses/small/article/0,,id=98846,00.html
Pretty sire the MAICS code for Firearms is:
423910 Sporting and Recreational Goods and Supplies Merchant Wholesalers
More information on that here: http://naicscode.com/?q=firearms
Pretty sure you can pay your sales tax monthly quarterly or yearly, but this is one of the things my wife takes care of so keep that in mind.
You have to have an EIN. We had to show it to our ATF inspector. You can get information on that here: http://www.irs.gov/businesses/small/article/0,,id=97872,00.html
Hope this helps.
From your other post(s) it sounds like you planning on selling firearms as a FFL01 at the retail, not wholesale level. If so, your NAICS code would be 451110 (sporting goods stores including sporting gun shops).
I'm not in TX and can't speak to TX specific law(s), but most states will dictate to you how often you are required to file sales tax returns. At first you'll probably be required to file quarterly. After two or three tax cycles, depending on how much you remit (unless it's big bucks) they'll likely have you file annually.
Again, I'm not in TX (I'm in NY) but depending on how you setup your business you may not need to have an EIN. You say TX has a sales tax. At a minimum you'll have to register as a sales tax vendor.
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