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Read More Great Taxation Articles
Filing For An Employer Identification Number
If you have a small business then having an employer identification number or EIN is a must. Not having one can mean big trouble with the IRS. Luckily getting one is not that hard of a process. Here's how you can go about obtaining one.
By: Bryan Young
If you have a small business then having an employer identification number or EIN is a must. Not having one can mean big trouble with the IRS. Luckily getting one is not that hard of a process. Here's how you can go about obtaining one.
By: Bryan Young
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The Federal Tax Identification Number is also known as the Employer Identification Number (EIN). It is a nine digit number assigned by the Internal Revenue Service (IRS) to identify tax accounts of employers and certain other who have no employees. In the past you had to file a Form SS-4 but the entire process can now be done free online by going to the IRS website. After typing in (keyword "EIN") you will find the EIN application in an interview style format. It is important for sole proprietors to know that you may only have one EIN, no matter how many different businesses you operate.
Those that have been assigned an EIN as a Household Employer must also use that number for their sole proprietor needs as well. The IRS uses that number to identify taxpayers that are required to file various business tax returns. Employers, sole proprietors, corporations, partnerships, non-profit associations, trusts, estates of decedents, government agencies, certain individuals, and other business entities all use EINs. However, the EIN does not replace your personal Social Security Number and should only be used for business transactions. In some States
Other ways to apply
By Telephone - The toll-free EIN number 1-800-829-4933 can be called between 7 am and 10pm local time. Someone authorized to receive the number should have the information from Form-SS4 in front of them to readily answer any questions. The IRS representative will assign you a EIN.
By Fax - This process will take up to four (4) business days and it is suggested that you do not send a fax and call the toll-free number to avoid a duplicate EIN being assigned. You will still fill out all of the required information in the Form-SS4. The number to fax to varies by states. The fax number is available 24/7 and you should include your own information as the IRS will fax back your EIN.
By Mail - Applying by mail will take about four (4) weeks. You will still be required to download and fill out all the required information for a Form-SS4.
Avoiding Common Mistakes
If you wish to elect to be taxed as an S corporation, you must file Form 2553, Election by a Small Business Corporation (Under Section 1362 of the Internal Revenue Code).
An association, limited liability company (LLC) or other organization that elects to be taxed as a corporation must file Form 8832, Entity Classification Election.
Page 2
Bryan Young started his first business at the age of 12 and currently runs a freight shipment company. He is also the founder of www.businessempiremag.com an Ezine that looks to give advice to and promote entrepreneurs and independent inventors.
Those that have been assigned an EIN as a Household Employer must also use that number for their sole proprietor needs as well. The IRS uses that number to identify taxpayers that are required to file various business tax returns. Employers, sole proprietors, corporations, partnerships, non-profit associations, trusts, estates of decedents, government agencies, certain individuals, and other business entities all use EINs. However, the EIN does not replace your personal Social Security Number and should only be used for business transactions. In some States
Other ways to apply
By Telephone - The toll-free EIN number 1-800-829-4933 can be called between 7 am and 10pm local time. Someone authorized to receive the number should have the information from Form-SS4 in front of them to readily answer any questions. The IRS representative will assign you a EIN.
By Fax - This process will take up to four (4) business days and it is suggested that you do not send a fax and call the toll-free number to avoid a duplicate EIN being assigned. You will still fill out all of the required information in the Form-SS4. The number to fax to varies by states. The fax number is available 24/7 and you should include your own information as the IRS will fax back your EIN.
By Mail - Applying by mail will take about four (4) weeks. You will still be required to download and fill out all the required information for a Form-SS4.
Avoiding Common Mistakes
If you wish to elect to be taxed as an S corporation, you must file Form 2553, Election by a Small Business Corporation (Under Section 1362 of the Internal Revenue Code).
An association, limited liability company (LLC) or other organization that elects to be taxed as a corporation must file Form 8832, Entity Classification Election.
Page 2
Bryan Young started his first business at the age of 12 and currently runs a freight shipment company. He is also the founder of www.businessempiremag.com an Ezine that looks to give advice to and promote entrepreneurs and independent inventors.