What Happens To Non-Resident Aliens Under The New Tax Code Why Self-Employed People Sometimes Need A Federal Tax ID Number And How To Get One Free From The IRS

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Why Self-Employed People Sometimes Need A Federal Tax ID Number And How To Get One Free From The IRS

There is a line on your small business tax form that asks for your EIN; something the IRS requires in many cases. The general term for EIN is Federal Tax Identification Number. They are easy to get and don’t cost a cent if you know where to go. Let’s take a look at who needs an EIN and why the IRS gives it to the self-employed.

Basically, an EIN is the same type of identification for a business as a Social Security number is for an individual. And like a social security number, it’s issued for free. Beware of online services that offer an EIN or Federal Tax ID application for a fee; the IRS does this for free and your personal information stays safe.

EIN stands for Employer Identification Number, but employers aren’t the only ones who need an EIN. If your business deals in alcohol, tobacco, or firearms, has a Keogh Retirement Plan, deducts tax on payments to nonresident aliens, or reports excise taxes, you likely need to apply for and use an EIN. Anyone who runs their business as a corporation, partners with anyone other than their spouse, and participates in trusts also needs an EIN.

Once you get your EIN, it rarely changes. Bankruptcy proceedings, incorporation, becoming a partnership and converting an existing business into a sole proprietorship all require a new number. The bottom line is that unless there is a change in business ownership or structure, an EIN will likely last the life of your business.

In the business world, you’ll use your EIN instead of your Social Security number when you open a business bank account, apply for a business license, and file your tax returns.

The app is free and simple. It can be done online at www.IRS.gov or by calling 1-800-829-4933. The questions are simple; name, company name, address, entity type and the main activity of your business is about all they need to know. The number usually arrives within 1-2 weeks. You can apply by fax or by post; it will take about 5 weeks to receive your number in the mail. The form, SS-4 application for employer identification number, can be printed from the website of the tax office.

An EIN application may not be assigned to an employee; only the owner or person who controls a partnership or corporation can provide this information and sign the SS-4.

After submitting the application, you can process your tax return; simply write “Applied” and the date of application in the space where the number belongs. However, without an actual EIN, you must file this tax return by mail; the actual EIN is required for electronic filing and payment.

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