tax id # - Do I Need One??? 1 F/T job + 1 F/T income?

Question

I work a full time job and have a decent extra income. Should I get a federal Tax ID??? Do I need to be making a certain amount before its necessary to have one?

I have a side business that makes $50-$300 per week. Shouldn't I use one instead of having to use my ssn on forms and stuff?

Answer 1

you can make millions and never have any tax ID other than your SS #. The two common reasons to get a EIN (also referred to as a tax ID number) are those that have employees and those that do an LLC or Corporation, all of which are bad ideas.

Answer 2

You do not need a Federal Tax ID #. You fill out a W2 or W4 form supplied by your employer.

When you need a Fed ID # is when you are in business for yourself.


Are you a sub contractor?

Answer 3

You already have one: Your SSN is your tax ID. If you are an employee you cannot legally use anything but your SSN.

Answer 4

Your social security number is your tax id unless you own a business and have employees.

Answer 5

you tax id # is your SS#