No matter how big or small your small business is, the number of details you need to pay attention to is staggering. Details involved with getting your startup off the ground or hiring your first employee can be exciting as you figure out how to reach your lofty goals. However, there are also unfamiliar tasks, such as getting an EIN. So you might be asking yourself “How do I get an EIN for my business”?
Fear Not! Your friends at PayWow are here to help. This particular hurdle is definitely something you can accomplish yourself. Check out what EIN’s are, whether you need one, and how simple it is to register.
How Do I Get an EIN For My Business?
Looking for the IRS EIN Page?
If this isn’t the page you are looking for, don’t let us hold you up. If you already know what you need to register then don’t let us get in your way. Click the button below to go straight to the IRS website and sign up for your EIN.
IRS EIN Registration: Apply Online
But if you still have questions, read on my friends!
So What’s an EIN?
EIN is an abbreviation for Employer Identification Number. It is a unique nine-digit number that the IRS uses to identify your small business. Think of it as your businesses Social Security Number. You will use this number to report your business’s income and employment taxes.
During the registration process you might come across the term FTIN (Federal tax identification number), but don’t let this confuse you. Social Security Numbers and EINs are federal tax ID numbers for individual taxpayers and business entities.
Does my Small Business Need an EIN?
You are required to have an EIN if:
- Your business has at least one employee other than you
- Your business is structured as a corporation or partnership
- Your business offers a Keogh pension plan
- Your business withholds taxes for wages paid to legal and illegal residents
Bottom line: The only business that is not required to have an EIN is a sole proprietorship with no employees. These are typically individuals working as independent contractors or freelancer.
If you are still unsure about whether or not you need an EIN, it is a good idea to visit your accountant or bookkeeper. They will be able to give you an answer within seconds!
How to Register For an EIN?
The first thing you should know is that registering for your EIN is completely FREE and painless. Here are three ways you can do it yourself:
Go to the IRS website, answer a few questions, and get your EIN instantly!
Mail or Fax:
This is a longer process than the online option. But if snail mail is the route you want to go we will not stop you. Download the IRS Form SS-4, fill out your information, and mail or fax it to the IRS. You will receive your EIN within four weeks.
This option is much faster than the postal mailing option. You can call the IRS Business and Specialty Tax Line — 800_829-4933. Then you will need to answer a few questions before receiving your EIN instantly. However, you will not be issued your official EIN confirmation notice until later.
That’s All Folks
Yup, that is it. The wave of details and information you need to handle when starting your own small business can seem daunting, but this task is fairly simple to mark off your task list.
Here at PayWow we understand the complexity of processing payroll and trying to manage the day to day business. This is failing to mention the ever-changing political and tax policy scene. Which is why we strive to simplify your payroll needs with our innovative payroll software solution. Utilize our informative payroll blogs to read the latest small business news and information.
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