There are many steps you have to go through when setting up your new business. One of the most important is applying for an employer ID number, or EIN, from the IRS. This is your federal tax ID number that not only aids in paying taxes, but it also is necessary for opening bank accounts and applying for credit cards and other lines of credit. Sole proprietors and other business structures might not need an EIN, but it is often still beneficial to have one.
Those who have never before set up a business have a lot of questions, such as do you have to pay for an EIN number? There is no federal EIN cost from the IRS, but like many activities involving the IRS and taxes, the filing process can be cumbersome. You have to fill out IRS Form SS-4, and many new business owners have questions while filling this out. Do not just ask, how much does an EIN number cost; also inquire as to how much hassle doing it on your own might be before deciding how to proceed.
Working with IRS EIN Tax ID Filing Service provides you with assistance from professionals to properly fill out this form. We also have simplified the form to make it easier on you. Plus, you still get your EIN on the same day via email, as long as you submit the application during normal business hours. While some companies charge hundreds of dollars for this service, we do not. If you are a sole proprietor but do not wish to use your social security number, then start the process of filing for your here. We can also help you if you have a corporation, trust, LLC, partnership or other business structures. Learn more about a and fill out the application here.
If you plan on opening a small business, you will need to obtain an employer identification number (IRS EIN), also known as a federal tax identification number. This set of nine unique numbers is how the Internal Revenue Service (IRS) identifies your company as an operating entity within the United States, and it enables you to conduct activity that would otherwise need a social security number.
If you are looking into obtaining an employer identification number, consider whether the following statements apply to you:
While you will receive a follow-up email after applying for an EIN form online the same day as applying, it can take up to a month for the Internal Revenue Service to mail you your completed IRS tax ID application.
While some banks require this official document to conduct services, most will allow you to use your tax ID number for most of your company’s needs with just the number code itself.