{"id":938,"date":"2015-01-22T06:00:31","date_gmt":"2015-01-22T06:00:31","guid":{"rendered":"https:\/\/incomeschool.com\/?p=938"},"modified":"2015-01-22T06:00:31","modified_gmt":"2015-01-22T06:00:31","slug":"ein","status":"publish","type":"post","link":"https:\/\/incomeschool.com\/ein\/","title":{"rendered":"Why and How to get an EIN &#8211; USA"},"content":{"rendered":"<p>Do you need an EIN? \u00a0Do you know if you need an EIN?<\/p>\n<p>EIN is short for Employer Identification Number and it&#8217;s a number that the IRS uses to identify a business. \u00a0It&#8217;s the business version of a social security number (SSN) and you&#8217;ll need one\u00a0if you have any form of business other than a sole proprietorship (and even then you might need one). \u00a0This includes all corporations, partnerships, and LLCs.<\/p>\n<p>If you are a sole proprietor then you&#8217;ll need an EIN to be able to:<\/p>\n<ul>\n<li>hire employees<\/li>\n<li>have a Keogh or Solo 401(k) retirement plan<\/li>\n<li>buy or inherit a business, even if you operate it as a sole proprietorship<\/li>\n<li>incorporate or form a partnership or LLC<\/li>\n<li>file your business for bankruptcy<\/li>\n<\/ul>\n<p>Even if you don&#8217;t need an EIN, it won&#8217;t hurt to get one. \u00a0The alternative to using an EIN for business taxes is to use your SSN (and only if you&#8217;re a sole proprietor). \u00a0This could put you at risk for identity theft if your tax forms are stolen. \u00a0Having an EIN can also establish you as a business instead of an individual. \u00a0It&#8217;s also often required by banks to open a business account.<\/p>\n<p>So how do you get one?<\/p>\n<p>Well, this is about the easiest thing you&#8217;ll ever have to do that&#8217;s related to the IRS or taxes. \u00a0Just follow the steps below for the easy method.<\/p>\n<ol>\n<li>Go to the IRS website at <a href=\"http:\/\/www.irs.gov\/Businesses\/Small-Businesses-&amp;-Self-Employed\/Apply-for-an-Employer-Identification-Number-%28EIN%29-Online\">www.irs.gov<\/a>. \u00a0If you use the link <a href=\"http:\/\/www.irs.gov\/Businesses\/Small-Businesses-&amp;-Self-Employed\/Apply-for-an-Employer-Identification-Number-%28EIN%29-Online\">here<\/a>\u00a0you&#8217;ll go directly to the IRS page with information for small business taxes and a link to apply for an EIN online.<\/li>\n<li>Once you&#8217;re at the correct page to apply for an EIN online, click on the <a href=\"https:\/\/sa.www4.irs.gov\/modiein\/individual\/index.jsp\">APPLY ONLINE NOW<\/a> link at the bottom or the page. \u00a0Or click on the link <a href=\"https:\/\/sa.www4.irs.gov\/modiein\/individual\/index.jsp\">here<\/a> to bypass step 1 (the link in step 1 does get you to some good resources for small business and self employment taxes).<\/li>\n<li>Now click on &#8220;Begin Application.&#8221;<\/li>\n<li>Now just follow the steps as shown on the web page. \u00a0You&#8217;ll choose your legal structure, select how many members your business has and the state where it&#8217;s located, and then they&#8217;ll ask for some other information specific to your business. \u00a0The whole process will take you anywhere from 5 to 30 minutes.<\/li>\n<li>Once you get through these steps, you&#8217;ll get your EIN immediately. \u00a0And the best part is, it&#8217;s FREE.<\/li>\n<\/ol>\n<p>Now, if you don&#8217;t want to\u00a0submit your information online\u00a0you can fill out a physical form and mail it in. \u00a0You can find that form\u00a0<a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/fss4.pdf\">here<\/a>\u00a0and submit it by mail or fax. \u00a0You&#8217;ll also have to apply this way if the owner of your new business is another business or entity with an EIN that they received using the online application.<\/p>\n<p>There is one thing you should be aware of when applying for an EIN. \u00a0They&#8217;ve put a major limitation on how many EIN&#8217;s you can apply for in a given time period. \u00a0<strong>Their cap is only one per day.<\/strong> \u00a0So you&#8217;ll have to limit yourself to starting no more than one business per day. \u00a0I hope you can handle that.<\/p>\n<p>So there it is, EIN&#8217;s in a nutshell. \u00a0Now get out there and start your business.<\/p>\n<p>What are you waiting for?<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do you need an EIN? \u00a0Do you know if you need an EIN? EIN is short for Employer Identification Number and it&#8217;s a number that the IRS uses to identify a business. \u00a0It&#8217;s the business version of a social security number (SSN) and you&#8217;ll need one\u00a0if you have any form of business other than a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","content-type":"","_eb_attr":"","publish_to_discourse":"","publish_post_category":"","wpdc_auto_publish_overridden":"","wpdc_topic_tags":"","wpdc_pin_topic":"","wpdc_pin_until":"","discourse_post_id":"","discourse_permalink":"","wpdc_publishing_response":"","wpdc_publishing_error":"","footnotes":""},"categories":[20],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/incomeschool.com\/wp-json\/wp\/v2\/posts\/938"}],"collection":[{"href":"https:\/\/incomeschool.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/incomeschool.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/incomeschool.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/incomeschool.com\/wp-json\/wp\/v2\/comments?post=938"}],"version-history":[{"count":0,"href":"https:\/\/incomeschool.com\/wp-json\/wp\/v2\/posts\/938\/revisions"}],"wp:attachment":[{"href":"https:\/\/incomeschool.com\/wp-json\/wp\/v2\/media?parent=938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/incomeschool.com\/wp-json\/wp\/v2\/categories?post=938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/incomeschool.com\/wp-json\/wp\/v2\/tags?post=938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}