What do you do when tax exempt?

I Just got an EIN number for a little jewelry shop, online.. I wont have employees or make much income. Its basically to shop wholesale. I understand how it works with purchases but when filing taxes, will I need to document or retain anything from those purchases? Then, can I do everything typically needed with my own taxes that I file online?

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  1. 29 Answers

    If you want to reduce the income number by those expenses, you should retain copies of receipts with your bank statements for proof of the expenses.

    Many small business owners use a sole proprietorship which allows them to report all of their business income and expenses on a Schedule C attachment to their personal income tax return. Since you run the business as an LLC and you are the sole owner, the IRS also allows you to use the Schedule C attachment.

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