Do you know what an EIN is? This is something that you need to be familiar with because this is a requirement especially if you plan on opening your own business someday. This is what the IRS checks when they want to know more about different companies. You can use the EIN in order to do some tasks or complete requirements that need your SSN or your Social Security Number.
You can apply for EIN but before that, you need to know what the purpose of this number is:
- You have to open a new bank account that is named after your business. This is actually important because this will help you separate your personal finances from your business finances.
- You will have the ability to provide tax forms to independent contractors.
- You are trying to complete your business permit and all the other documents that are related to opening your own business.
Acquiring Your EIN
You have now learned the reasons why you need the EIN. This time, you can learn the process of getting it. The good news is that it is not hard to apply and get your EIN. You can even apply for EIN online. As long as you would follow the ways that will be mentioned below, you will receive your EIN immediately.
These are the different ways to consider:
- You can send your EIN application through mail.
Who says that snail mail is dead? If this is the only means that you can send your application then do it this way. This may be slower than the other ways that will be mentioned later but if you are most comfortable with this, then do it.
The address where you can send the application is this:
Some people choose this option because they are located outside the United States of America. This is where you can mail your application if you are also from outside the US:
- Call representatives that are in charge of providing the EIN.
This type of application is only available to those who are located outside the US. People are expected to make the call from 6 AM to 11 PM provided that they call from Monday to Friday. Do not expect that representatives will answer during the weekend. If you cannot make a call on your own, you can appoint a representative to make the call for you. Make sure that the person knows as much details about your business as you do. The representatives will ask for more information and details. If the representative would not be able to answer the questions, you have to make the call on your own.
- Send an Online Application
This may be the easiest way to get your EIN number. There are some conditions though. You need to be a resident of the United States and you need to have your own tax payer’s number. If you cannot provide these, you can be denied to get an EIN. Remember to prepare the requirements ahead of time so everything will be smooth-sailing.
With all of these details in mind, you can have your EIN. This will help you start your own business immediately.