An EIN is a tax identification number that will help the IRS identify your business. While the purpose of the EIN number is mostly limited to the tax season, obtaining an EIN and properly filing and paying taxes on your business is crucial. The IRS has long been a formidable entity and it does have the power to impose fines and liens if your taxes are not properly filed. Here’s a bit more information to help you get your EIN and avoid getting on the bad side of the IRS:
How to Apply for EIN: To apply for an EIN number, you will need to fill out Form SS-4 and submit that document to the IRS. The form can be submitted online, by fax or by mail. Applying online is the fastest method and will help ensure that you have your EIN in time for tax season.
How to Pay for EIN: When you apply for an EIN, you may need to pay administrative fees. Check the site that you are registering through for information on how and what to pay when registering your EIN. Fees can vary from registrar to registrar, depending on your specific needs.
How to Check your EIN Status: Once you submit your SS-4 form, you can check the status of your application online. If you apply online, you will receive your number immediately in most cases. Keep in mind that if you choose to mail or fax your form, the information may not appear online for several days.
Once you receive your EIN, you will need to use that number to file the taxes on your business. Keep you EIN in a secure location as this will be the number that you use when filing your taxes every year.
Visit www.irs-ein-tax-id.com for more.
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