When Would I Need To Use An EIN?

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Depending on the type of business you establish, an EIN number may be required for tax purposes. All corporations, partnerships, and any business with employees are required to submit an EIN number application. However, even businesses not required to have an EIN number may benefit from obtaining one. If you get an EIN online, you can save time by having your EIN number ready to fulfill several essential business tasks that can only be completed with an EIN number.

Using Your EIN Number

Several crucial business tasks require what’s called an Employer Identification Number, or EIN for short. Aside from using your EIN number to file annual taxes, businesses need an EIN if they wish to perform any of the following tasks:

  • Open a bank account in the name of the company
  • Apply for credit on behalf of the company
  • Hire employees and establish a payroll
  • Apply for local licenses and permits
  • Use an EIN number in lieu of a Social Security Number (SSN) on various forms and documents
  • Forming a Keogh plan

These examples are tasks that require an EIN number; all these tasks are important because they help grow a company.

Get an EIN Online

There are lots of ways to submit an EIN number application, but the fastest and easiest way is to get an EIN online. Online applications simplify complicated tax forms and return your new EIN within 24 hours.

You may also apply by phone or through the mail, but these methods can take up to two weeks to process. If you need your EIN immediately, the online application process is the best choice.

Don’t wait to get an EIN online. If you apply today, you can start using your EIN number tomorrow.

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