Introduction
Readers, are you planning to start a business or hire employees? If so, you’ll need an Employer Identification Number (EIN). An EIN is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify your business for tax purposes. Getting an EIN is a quick and easy process, and we’ll guide you through it step-by-step.
What is an EIN Number?
An EIN is essentially a Social Security number for your business. It’s used to identify your business on tax returns, bank accounts, and other official documents. If you have employees, you’ll need an EIN to report their wages and taxes. You may also need an EIN to open a business bank account or apply for certain business licenses.
How to Get an EIN Number
There are several ways to get an EIN number:
Online
The fastest and easiest way to get an EIN is to apply online through the IRS website. You’ll need to provide some basic information about your business, including your legal name, address, and type of business entity.
By Mail
You can also mail Form SS-4, Application for Employer Identification Number, to the IRS. The form is available on the IRS website.
By Phone
You can call the IRS at 1-800-829-4933 to apply for an EIN over the phone.
What You’ll Need
To apply for an EIN, you’ll need the following information:
- Legal name of your business
- Address of your business
- Type of business entity (e.g., corporation, LLC, sole proprietorship)
- Reason for needing an EIN (e.g., reporting employee wages, opening a business bank account)
Completing the EIN Application
Once you have the necessary information, you can complete the EIN application. Whether you’re applying online, by mail, or by phone, you’ll need to provide the following information:
- Name of your business
- Address of your business
- Type of business entity
- Reason for needing an EIN
- Name of responsible party
- Social Security number of responsible party
Estimated Timeframe
The IRS typically processes EIN applications within a few days. If you’re applying online, you’ll receive your EIN immediately after submitting your application. If you’re applying by mail or by phone, it may take a few weeks to receive your EIN.
EIN Number Format
EIN numbers are nine-digit numbers formatted as XX-XXX-XXXX. The first two digits indicate the state in which the EIN was issued.
Unauthorized Use of EIN Numbers
It’s important to note that EIN numbers are for business use only. They should not be used for personal purposes, such as filing individual tax returns.
Conclusion
Congratulations, readers! You now know how to get an EIN number for your business. Remember to keep your EIN number confidential and use it only for business purposes.
Don’t forget to check out our other articles for more helpful information on starting and running a business.
FAQ about EIN Number
Q1. What is an EIN?
A1. An Employer Identification Number (EIN) is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify businesses and organizations.
Q2. Who needs an EIN?
A2. Sole proprietors, corporations, partnerships, and nonprofits that have employees, pay excise taxes, or file certain tax returns require an EIN.
Q3. How can I get an EIN?
A3. You can apply for an EIN online on the IRS website, over the phone, or by mail.
Q4. What information do I need to apply for an EIN?
A4. Basic business information, such as your name, address, and type of business. If you’re applying for an individual, you’ll also need your social security number.
Q5. How long does it take to get an EIN?
A5. If you apply online, you’ll receive your EIN immediately. If you apply by mail or phone, it may take 4-6 weeks.
Q6. What is the difference between an EIN and a SSN?
A6. An EIN is used for businesses and organizations, while a Social Security Number (SSN) is used for individuals.
Q7. Can I get an EIN for a sole proprietorship?
A7. Yes, sole proprietors can get an EIN if they have employees or file certain tax returns.
Q8. Is there a cost to get an EIN?
A8. No, obtaining an EIN is free of charge.
Q9. Where can I find my EIN?
A9. Your EIN will be on all your official IRS correspondence, as well as on your EIN assignment letter.
Q10. Can I change my EIN?
A10. Yes, you can change your EIN under certain circumstances. Contact the IRS for more information.
