what is a TIN and a EIN are they different number or they are the same?

Question

I am confuse on this two things, what is a TIN (tax Identification Number) and a EIN (employer Identification number) are they the same? or different numbers, how do you use one and the other if they are different?

Answer 1

EIN's are specific numbers that are in the format of XX-XXXXXXX.

A TIN is usually the Social Security Number but can also refer to the EIN. You are not required to get a EIN if you don't have employees and are only a sole proprietor, so the IRS refers to TIN to include both in case you don't have an EIN. If you do then you use the EIN, unless specificaly asked for your SSN.

Answer 2

TIN stands for Tax Identification Number. EIN stands for Employer Identification Number. Both are the same thing in the sense that they are a businesses identification number for tax purposes.

But where they differ is in their numbering system and format, and which type of business gets which one.

Answer 3

2 solutions to this question, sure and No. A Tax I.D. is a style given to a Corp, LLC, or guy or woman for business enterprise tax purposes. whilst you're an S-Corp with 2 typical proportion holders, than sure, the Tax I.D. may be the comparable for the two persons. The Tax I.D. is for the business enterprise which turns into an entity under the corp formation. relating to an LLC or sole proprietor of a business enterprise, the Tax I.D. would be unique to that categorical. the only proprietor could use his SSN as a tax I.D. while the LLC could get a different I.D. submit to in suggestions an LLC is a "bypass-via" entity so even even with the undeniable fact that the Tax I.D. is linked with a man or woman it incredibly isn't any longer his/her SSN. desire this helps.