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Employer Identification Number

Discussion in 'General Business' started by Jacob Hawkins, Jun 6, 2018.

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  1. #1
    I want to start small business, Please tell me aboutEmployer Identification Numberand what are the benefits of EIN?
     
    Jacob Hawkins, Jun 6, 2018 IP
  2. sarahk

    sarahk iTamer Staff

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    #2
    This is an American thing?
    Have you talked to your accountant?
     
    sarahk, Jun 6, 2018 IP
  3. jrbiz

    jrbiz Acclaimed Member

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    #3
    You get an EIN when you register with the IRS as a business who will be employing people, even if just yourself. It is also known as a Federal Tax ID, I believe. To get this, you need to be a company and not an individual simply working as a consultant. The only benefit is that some of your customers may ask you for this so that they can report to the IRS any payments that they have made to you and if you do not have one, you may lose them as a customer. Of course, if you are a one-man band and are just running a sole proprietorship, you can substitute your social security number in place of an EIN for most of these needs.

    But @sarahk is right: you need to be talking to your accountant or lawyer.
     
    jrbiz, Jun 6, 2018 IP
  4. Jacob Hawkins

    Jacob Hawkins Greenhorn

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    #4
    I don't have accountant that's why I am asking about this matter here. I discuss with my friends they tell me about EIN. But I guess i want to discuss with accountant or experienced one. Anyways thank you guys.
     
    Jacob Hawkins, Jun 7, 2018 IP
  5. sarahk

    sarahk iTamer Staff

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    #5
    If you are in business you need an accountant.
    Your friends might be trying to help but they're not.
    If you set things up badly it can cost more to set them right later.
    Build accounting fees into your budget, if that makes the business idea unprofitable then it's unprofitable and you move on to the next idea.
     
    sarahk, Jun 7, 2018 IP
    jrbiz likes this.
  6. Jacob Hawkins

    Jacob Hawkins Greenhorn

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    #6
    @sarahk Thank You Dear,
    I know If I need to start any type business, I need accountant and connect with professional in few days. And Thanks once again for giving me suggestion on build accounting fees into my business.
     
    Jacob Hawkins, Jun 8, 2018 IP