Do you need an EIN number for your business? Find out how to get one, and what you’ll need it for.
Checkout this video:
Applying for an EIN
An EIN number is also known as a Taxpayer Identification Number (TIN) and is used by the IRS to identify businesses. If you are starting a new business, you will need to apply for an EIN.
You can apply for an EIN online, by fax, or by mail. To apply online, you will need to have a Social Security number (SSN), Individual Taxpayer Identification Number (ITIN), or an Employer Identification Number (EIN) already. You will also need to be a U.S. Citizen or resident alien, have a valid SSN or ITIN, and have a mailing address in the United States.
To apply by fax, you will need to fill out Form SS-4 and fax it to the IRS at 1-855-648-0652. To apply by mail, you will need to fill out Form SS-4 and send it to the address listed on the form.
What is an EIN?
An EIN, or Employer Identification Number, is a nine-digit number that the IRS assigns to businesses. It is used to identify businesses for tax purposes, and it is also sometimes used as a business’s account number with the federal government.
Getting an EIN is fairly simple. The first step is to identify the business entity type that best suits your business. There are four main types of business entities: sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. Once you have determined the type of business entity, you can apply for an EIN online, by phone, or by mail.
If you are a sole proprietor, you can get an EIN by completing Form SS-4, which is available on the IRS website. If you are applying by phone, you will need to provide your personal information and your business information. If you are applying by mail, you will need to complete Form SS-4 and send it to the address listed on the form.
If you are a partnership, LLC, or corporation, you will need to complete Form SS-8, which is also available on the IRS website. The form must be signed by a representative of the business. If you are applying by phone, you will need to provide your business information and the name and Social Security number of a representative from your company. If you are applying by mail, you will need to complete Form SS-8 and send it to the address listed on the form.
Once you have applied for and received your EIN, be sure to keep it in a safe place; it is possible to lose track of this number if it is not kept in a safe place.
The Benefits of an EIN
An EIN is a unique nine-digit number that identifies your business for tax purposes. It’s similar to a social security number, but for your business.
There are several benefits of having an EIN. It can help you open a business bank account, obtain business licenses and permits, and build business credit. It can also make it easier to hire employees and file your taxes.
If you’re thinking of starting a business, or if you’ve already started one, it’s a good idea to get an EIN. The process is relatively simple and it’s free to apply.
How to Use an EIN
Before a business can apply for an EIN, it must first choose a legal structure. The most common business structures are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. Once the business has selected a legal structure, it can then apply for an EIN by following the steps below:
1. Gather the required information. To apply for an EIN, the business will need to provide its legal name, physical address, and contact information. The business will also need to provide the name and Social Security number of the owner or responsible party.
2. Choose an application method. The IRS offers three ways to apply for an EIN: online, by fax, or by mail.
3. Submit the application. Once the required information has been gathered, the application can be submitted using the chosen method.
4. Wait for the EIN to be issued. The IRS will issue the EIN within four weeks after receiving the application.
5: Use the EIN to open a bank account and file taxes. Once the business has received its EIN, it can use it to open a bank account and file taxes
Applying for an EIN Online
Each individual business owner, limited liability company (LLC), partnership, and corporation must have a unique Employer Identification Number (EIN), which serves as the business’s tax ID number. You will need to supply your EIN on various tax and legal forms, such as your annual tax return. Most businesses will apply for an EIN online through the IRS website. The process is simple and only takes a few minutes to complete. You will need to have the following information handy:
-The full legal name and address of your business
-The type of business entity you are operating (sole proprietorship, LLC, partnership, corporation, etc.)
-The names and Social Security numbers of all the principal owners of the business
-The date your business began operation
Once you have gathered all of this information, you can begin the online application process. The IRS website will walk you through each step of the form and provide instructions on how to complete it. After you have submitted your application, you will receive your EIN via email within four weeks.
Applying for an EIN by Mail
To apply for an EIN by mail, you will need to complete and sign IRS Form SS-4, which is available on the IRS website. Once you have completed the form, you will need to submit it along with a $200 filing fee to the address listed on the form. The IRS will then issue your EIN and send you a confirmation letter.
Applying for an EIN by Fax
Applying for an EIN by Fax
To apply for an EIN by fax, you will need to complete Form SS-4 and fax it to the IRS at 877-486-2778. Once the form has been processed, you will be assigned an EIN and will receive confirmation via mail or fax.
Applying for an EIN in Person
You can apply for an EIN in person at your local IRS office. You will need to make an appointment with the IRS and bring the following information with you:
-Your social security number
-The legal name of your business
-The business structure of your company (sole proprietorship, partnership, corporation, etc.)
-The date your business began operating
-The business address
-The names and social security numbers of the principal officers of your company
-A list of products or services your company provides
-The expected amount of annual revenue for your company
When to Apply for an EIN
You may apply for an EIN in various ways, and now you may apply online. This is the preferred method of filing because it is faster, more convenient, and more secure than the paper form.
You should obtain your EIN early in the life of your business, so that you can use it for business activities such as opening a bank account or filing business tax returns. You may apply for an EIN any time after you’ve formed your business. If you’re a sole proprietor, you may apply as soon as you’ve obtained your business license or permit.
After You Apply for an EIN
After you apply for an EIN, you will receive a notice from the IRS with your assigned number. You should keep this notice in your records. An EIN is your business’s identification number, similar to a social security number for an individual. It is used for tax purposes and will be required any time you file a tax return or other document related to your business taxes.