EIN means Employer Identification Number and it is basically needed by state and a federal government. The need only arises when you are filing tax through your business. It is just like your social security number and only has information about your business. When opening an account in a bank for under your business name then the bank will ask for EIN. There will be a change in business when you will go into partnership, hire an employee or have a non-profit organization. For each business that you are owning there is a need of having EIN. If you are working alone and don not have any employee or corporation then there is no need for applying EIN.
Various ways of applying for EIN
- Online application method: When applying online you will need to fill ss4 online application. Companies can also apply online to attain EIN by using EIN online services at https://www.federal-ein-application.com. There are also few of the restriction before going to apply for EIN, so make sure you read all the rules. For individual customers can also apply for online service or go to EIN website and fill a necessary form. There will be fields in which you have to fill required information. After the preliminary validation is completed then you can submit your ss4 application. The application will be checked by IRS and when all the information is founded valid your EIN will be generated.
- Mail method: Fill the form and mail the application and make sure that the application is filled correctly. If the application is correct then it will take about 4 weeks to get processed. Once it gets verified and identified that the business requires EIN then a mail will be sent back with EIN.
- Fax method: Take a printout of the ss4 online application and fax it to IRS state number. Make sure that the entries are filled correctly. If the ss4 is correct then they will fax your new EIN in four days time. Also, don’t forget to provide your fax number.
- Telephonic method: You can call the IRS to get your EIN. The number is available in the website. The person on another side will write down all the needed information. If the information provided is correct then the operator will surely provide your EIN. While talking on the phone and make sure there is no disturbance and conversation has to be verbally clear.
Filling the form using form using https://www.federal-ein-application.com
- The first step is to go to the website and there you will see choices for what kind of business you own. Take the mouse cursor and click the option. Make sure to choose the correct option or the EIN will be created for different business.
- The second step is to fill your personal details like name, address, and personal security number. If you are applying for partnership then information of partner will also be needed. All the options have their separate fields to be filled. Read once again before submitting and proceeding to step three.
- The third step is about giving information about what type of business you are having. There is also a little limitation for businesses like gambling. After all the information entered is correct click submit.
The above steps take less than 5 minutes to fill and you will obtain your EIN number. There is a processing fee of $150 which you have to pay. The application is mailed to IRS on your behalf and with the EIN a mail is sent back.