If you are running your own business, chances are good that you have already realized that sometimes there is just too much to take care of in a timely manner. In other words, things slip our minds, and we tend to push anything that is not an immediate threat to the back of our minds.
Filing taxes, for example, is something that most people do not spend all year worrying about. That means that you might forget to apply for an EIN(Employer Identification Number).
If that has happened to you, do not worry! You can fill out an EIN application online and get your number quickly and easily!
What is an EIN?
An EIN, or Federal Tax Identification Number, is a nine-digit number assigned by the IRS to your business. You need it to open a business bank account and, if your business has employees, to pay employment taxes, though.
Obtaining Business Licenses and Permits: Some licenses require an EIN.
Building Business Credit: An EIN allows you to establish credit for your business separate from personal credit.
Hiring Employees: The EIN allows you to track payroll, report employee wages, and handle employment taxes.
Do I Need an EIN?
If one or any of the following apply to you, you will need an EIN
- You have employees.
- Do you have a corporation or partnership
- You file employment, excise, or alcohol/tobacco/firearms taxes.
- You withhold taxes on income other than wages paid to a nonresident alien.
Even though you are a single proprietor, you might be required to obtain an EIN if you hire employees or open a separate checking account under the name of your business. An EIN can also protect your identity since you would not have to use your Social Security number in business operations.
How to Get an EIN: Step by Step
Obtaining an EIN is straightforward and free and can be done directly by the IRS through several channels.
Check Your Eligibility
The following qualify to obtain an EIN:
- Your Business Address: Your business’s principal address must be in the United States or one of the U.S. territories.
- Application Status: The applicant for the EIN must have a valid taxpayer identification number, such as an SSN or Individual Taxpayer Identification Number (ITIN).
Continue filing the EIN Application Form SS-4.
With IRS Form SS-4, which is the official application for the EIN itself, you are required to provide some general details about your business. These include:
- Business name
- Type of business structure: LLC, Corporation, Partnership, etc.
- Reason for applying (such as opening a new business or hiring employees)
- Principal place of business Address
- Name and contact information for the owner of the business
You can make an application online, by mail, or by fax. The easiest and quickest is through the Internet, but we will also discuss this here.
Submit the Application
Online Application: This is the fastest and easiest route to getting your EIN. Go to the IRS website and go to the EIN online application page. You may apply for an EIN in just one sitting. The online application is available from 7 a.m. to 10 p.m. ET, Monday through Friday. Immediately after applying, you will receive your EIN.
Mail or Fax Application: To apply by mail or fax, download and fill out Form SS-4. Send it to the address specified on the IRS website or fax it to the number shown. This may take four to five weeks for you to obtain your EIN this way.
Understand the Timing
Online is the quickest and easiest way to apply. If you apply online, you will receive your EIN immediately after you submit the application. If you submit by mail or via fax, it may take four to six weeks.
Verify Your Application
Make sure that all the information you submit is correct. A mistake made while filling your EIN will delay the processing and even require resubmission. So be sure to be careful of the following:
- Your business name
- Taxpayer identification number of either Social Security Number or ITIN
- Correct business structure
Get Your EIN
Once the IRS accepts your application, you will receive a letter containing your EIN, which you are to keep for records. This letter is sometimes referred to as an “EIN confirmation letter.” It is proof that the number assigned to your business could be used for identification purposes.
Other Ways to Get an EIN
While online application is the most common method, there are several other ways that you can apply for an EIN:
- By Telephone for International Applicants Only: If you are applying from outside the United States, you can apply for an EIN over the telephone to the IRS at 267-941-1099 (not a toll-free number). This is only used for international applicants.
- By Fax: After you have filled out the SS-4, you can fax it to the IRS. If you provide a fax number on your application, they will send the EIN back to you by fax once they process it.
Common EIN Application Errors to Look Out For
Getting an EIN is easy, but there are some common mistakes to avoid:
- Blank fields: Always fill in the form 100%. Failure to fill in all the necessary sections can void your application.
- Incorrect business type: Be certain of the business form to use. Your account may be delayed or blocked if you misclassify.
- Multiple Applications: Applying for more than one EIN for the same business is a bad one. The IRS allocates only one EIN per business entity and applying multiple times may bring confusion in it.
EIN(Employer Identification Number) Application Online
You might be wondering where exactly you can access an EIN application. There are many websites, after all, and it can be difficult to find the one that has exactly what you need. This is where Gov Doc Filing comes in. Gov Doc Filing is a reputable and established service that exists to make your life easier by taking care of the hard part of applying for things like an EIN.
They work hard to bring you a streamlined EIN application online and ensure that you save as much time as possible.
Get EIN Online
Are you ready to begin the EIN application process? If so, there is good news: you can get EINs online! That’s right, and you can now do everything from completing the application to receiving your actual number online without the need to fill out paperwork and mail it in.
Are you interested in learning more about how to get EINs online? Then contact Gov Doc Filing today to access their EIN application online! All you have to do is fill it out and let Gov Doc Filing take care of the rest of the process.
Conclusion
Your EIN is free, easy to obtain, and at the heart of the finance and legal structure of your business. It helps you for two key reasons: first, to comply with federal tax laws, and second, to take advantage of numerous business opportunities in activities ranging from banking to hiring employees.
So, if you are ready to take that first step toward becoming an entrepreneur, apply now for your EIN. It is a small but important step that will keep you closer to realizing your business dream.