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Obtain Tax Identification Number
Most small businesses will need a Tax ID/Employer ID Number (EIN). Although this form is used for identification of employers, it required for other legal purposes, and you will most likely be required to supply it for a bank account and other applications. For the reason of this article, is to show you how easy it is to complete an IRS SS -4 application form online and obtain a tax identification number is hours, not weeks.
Completing the EIN – Step by Step
The first step you want to take in getting your tax identification number is by completing what is known as a ss-4 application, this application is a questionnaire that the IRS requires all potential business owners in the United States of America to have completed in order to do business in the country.
Why Do I Need a Tax Identification number?
One of the biggest mis-steps new business owners take is not going through the proper process of establishing their business the right way. Having a tax identification number helps you in many ways, first it allows you to file taxes for your business for any financial losses or gains you might incur while doing business, another reason why having a tax id number is extremely beneficial is it also allows you to separate working expenses from personal , which can lead to some huge tax credits and deductions from the IRS.
Top Benefits for obtaining your tax id
Your business legal name, DBA/Fictitious Name, and Address
What legal business entity you will be forming (corporation, partnership, sole proprietorship, LLC)
Whether you will have employees the first year, and approximately how many.
How Can I Apply For a Tax ID
Apply online, by phone, by mail, or by FAX. These are the most convenient methods to take in completing your ss-4 application and getting a business tax id number.
No matter which way you decide to apply before you start your application, print out Form SS-4 and fill it in completely. This will save time and frustration when you are online or talking to the IRS on the phone. You will not be allowed to leave any sections blank, so you must be sure you have all the information and you must know how you want to answer each question.
When you have completed the form – online or by phone – you will immediately receive your EIN. Print out the page or write it down. You will need it for lots of documents during startup. You will receive a confirmation by mail, which you should keep in a safe place.
If you are not sure you need about the whole process of completing the ss-4 tax id application form. Let our experts take care of this for you for a simple one time fee of 99$ and we guarantee that we will have your tax id in less than 24 hours.