An Employer Identity Number or EIN is a unique nine-digit number of your business, similar to a social security number but for your business. It is used when reporting taxes on your company’s employment, applying for business loans, lines of credit and filing taxes. If you are a business owner you can apply for EIN online, as well as by mail or phone. Your business needs to have your own EIN as long as you have employees and make money.
Filing For an EIN
Before starting a business, filing for an EIN should be first on your list for things to do. You can apply for EIN online and the process is supposed to be straightforward if you use the right company. There are online companies like GovDocFiling.com that will help you file for an EIN online. All you need to do is fill in the online application and GovDocFiling does the rest. Making it easier for you to focus on your business.
You can also apply via mail and phone. Sometimes it can be a hassle or confusing when applying via paperwork because of all of the requirements and time it takes. As we all know, government paperwork isn’t always the easiest to understand and navigate. That’s why they have provided us with different options so that we can have ease in applying for one.
Requirements for an EIN
To obtain an EIN, here’s what you need to do, choose the business entity you want, such as an LLC, S-Corp or Partnership. Fill out the SS-4 form and which can also be done using GovDocFiling. Finally, submit the one-time federal processing fee. Companies like GovDocFiling will process your EIN application accurately. You can expect your Tax ID via email within the day.
Once you get your EIN you can immediately use the Tax ID to open a bank account, starts lines of credit and start hiring employees. You can apply for loans, business permit, and file your income tax returns.
GovDocFiling.com is a paid online company that can help you with EIN and business tax application processes. It’s not affiliated with the government.
Advantages of having an EIN
• It doesn’t expired and can be use in
• Gives your Business it’s own identifier
• Can be use in purchasing other businesses or for establishing business credits.
• Can be use when paying for federal taxes online and filing for annual tax returns.
• Can also be used in establishing your retirement and pension plans.
There are a lot of things an EIN will be useful, so it is suggested that acquiring one will be beneficial, both for you and for your company.
Conclusion
When you are considering creating a business, an EIN number will need to be filed for your business and your employees, this will allow your business to have it’s own entity that will differentiate your business from other businesses. As stated, you have different choices when it comes to filing for an EIN, you can use your mobile phone, internet or via mail. One thing to remember is that once you have already applied for an EIN, it will never expire and will never be re issued again.
