One of your responsibilities as a new business owner is to get an EIN or an Employee Identification Number that is issued by the IRS. This nine-digit number is going to be helpful for your business. It will make sure that you will become more free with your business in terms of controlling your finances and so much more.
There are other things that you can do with your EIN:
- You can open a bank account under your business’ name.
- You can start applying for the licenses that you need for your business.
- You can file your tax returns properly.
Do You Need an EIN?
One thing that you should remember is that not all businesses would require an EIN. If you need it, you can know more about the EIN filing service so that you can acquire it immediately. If your business is starting to hire employees, then you need to get the EIN soon. If you are still trying to manage the business on your own, there is no need to get an EIN yet. Take note, that if your business is slowly starting to grow, this is an indication that you would need an EIN soon.
Applying for an EIN
It is normal that you will feel a bit scared about applying for an EIN especially when you do not know the proper steps to do. There is nothing to be afraid of about the federal tax ID application. You can very much do it well without having to worry about extra charges.
If you apply online, you will be guided by the EIN assistant. Take note that this process is only applicable for those who are living in the United States.
- Follow the link that will lead you to the form that you have to answer.
- Make sure that you have all of the required documents so that you can answer all of the questions.
- You need to input the correct information as truthfully as possible.
- Once you have completed the form, submit it.
- You will get a notification that also contains your EIN number.
Remember your EIN number or get a copy of it so that you can use it when you need to do things that are related to your business.
There are still other methods that you can do to accomplish your LLC application especially when you are not from the United States. There is a phone number that you can call. You will be properly assisted and will be informed about your EIN number. Other people also opt to send an application form through fax or through regular mail. A fax can take about 4 days before you will get a response. It would take a full month before you can get a response if you send the application through regular mail.
With all of these details in mind, you can already guess that applying for an EIN is not too bad, right? This is something that your business needs and you can benefit from it.