![]() The main reason why a business needs to have an EIN number is for tax purposes there are several more reasons why the EIN is needed. OBTAIN NOWĪny US-based business needs to have an EIN. I also need to note that the EIN is also called a TIN or taxpayer-identification number when used for tax purposes in different cases Obtain your EIN electronically via email within one business day. Generally speaking, an EIN is the social security number for your business, and it describes what your business is. It is a way to differentiate both numbers. The Social Security Number in the USA is also a unique nine-digit number, but it has another writing format: XXX-XX-XXXX. The EIN is a unique nine-digit number where the first two digits are separated from the rest: XX-XXXXXXX. This number is issued by the IRS to every business operating in the USA and is often referred to as a FEIN number or Federal Employer Identification Number. What is a Tax Number or EIN?Īny US-based business needs to have a unique federal tax identification number known as an employer identification number or EIN for short. You realize the importance of an EIN now, right? Here we need to note that your business tax ID number is not the same as your personal tax ID number – you need both for different reasons. The EIN is the critical information you need for several important reasons the main ones being able to pay your taxes, open a business bank account, apply for the best small business loans, and many more, which we’ll cover in more detail below.Īrguably, the most important reason you need a tax identifier number is to run a business legally. You will learn why the EIN, also known as Federal Tax Identification Number or FEIN, is used to identify a business entity and why you need to protect this sensitive information. Here I’ll talk at length about all the essential facts about EIN. The reader is required to seek professional counsel before beginning any legal or financial endeavor.Īny type of business in the USA with employees needs to have an EIN – Employer Identification Number. ![]() All content presented here and elsewhere is solely intended for informational purposes only. ![]()
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