What is an Employer
Identification Number? Think of a Social Security Number for your business. It
is unique 9-digit number with a format like this: 00-0000000. Any of the following terms may be
used to refer to this number:
- EIN (Employee Identification Number)
- FEIN (Federal Employer Identification Number)
- TIN (Taxpayer Identification Number)
- Federal Tax Identification Number
- Tax ID
Regardless of
whether you have set up an LLC, an S-Corp, or if you intend to remain a sole
proprietor, you will likely need an EIN if you intend to set up a bank account
in your businesses name. You will also use your EIN when filing taxes of any kind.
The good news is
that it is extremely easy (and fast) to obtain your EIN directly through the
IRS website. Follow the link below to apply for your EIN, and you will have it
in minutes.
Happy contracting!