As you start thinking about running your own business, and for those already in business take note if you haven’t already, you will want to file for an EIN also known as Employee Identification Number
What is EIN?
It is your Employee Identification Number. It is used in place of your social security number on important tax documents such as 1099’s and other legal documents.
When Can You Use Your EIN?
An EIN is your permanent number that you can set up in minutes online. It can be used immediately for most of your business needs, such as:
– Opening a bank account
– Applying for business licenses
– Filing a tax return by mail.
When would you need an EIN? If you:
- Started a new business
- Hired or will hire employees, including household employees
- Opened a bank account that requires an EIN for banking purposes
- Created a trust
- Are a withholding agent for taxes on non-wage income paid to an alien (such as an individual, a corporation, or a partnership)
- Formed a corporation
- Formed a partnership
Sign up for your EIN today!
*Please note that these are just some of the things you would need an EIN for.