Is getting an EIN really necessary?
2006-08-08 16:08:03 · 8 answers · asked by Rebecca 4 in Business & Finance ➔ Small Business
Duh, first guy. EIN- Employer Identificaiton Number.
2006-08-08 16:13:13 · update #1
It's not absolutely necessary, but probably a good idea. The reason I say this is due to privacy. If you need to give out your identification number, say to a retail store to establish sales tax information or something, I'd much rather be handing over my federal id number rather than my social security number. In this era of identity theft, give your social security to absolutely no one except your bank. No one else really needs it, no matter what they say.
The form you need to complete is Form SS-4, which you can find on http://www.irs.gov. It's extremely easy to complete, it's free and will help protect your privacy.
2006-08-08 16:14:00 · answer #1 · answered by SuzeY 5 · 1⤊ 1⤋
An EIN is an Employer Identification Number, it's like a SSN for companies. If you're a small business and don't mind co-mingling you business finances with your personal income for tax purposes then just use your SSN. If you want to keep them seperated then you need an EIN.
Hope this helps
2006-08-08 16:16:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
One advantage of using an EIN is that your Social Security number is more protected from identity theft.
2006-08-09 00:56:57 · answer #3 · answered by hirebookkeeper 6 · 0⤊ 0⤋
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2016-11-23 16:56:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Some places that you do business with won't do business with you without one. IE vendors, suppliers, ect. Also some places you can get wholesale prices with your EIN. I'm not sure, but I thought you had to have one to file taxes as a business....but that may be incorrect.
2006-08-08 16:14:22 · answer #5 · answered by Bethany 5 · 0⤊ 0⤋
I know that tax wise we are able to deduct certain things with our EIN that we wouldn't be able to deduct with just our social security number.
2006-08-08 16:13:16 · answer #6 · answered by toobusy 3 · 0⤊ 0⤋
That is soooo not the same thing
2006-08-08 16:12:13 · answer #7 · answered by Anonymous · 0⤊ 0⤋
is that related to STEIN ?
2006-08-08 16:10:48 · answer #8 · answered by beiterspace 2 · 0⤊ 0⤋