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how do i get a tax id ?


How do I get a tax id number? What does a tax id number do?

3480 day(s) ago

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cabbagehead
A federal tax identification number, also called an employer identification number (EIN) is required for filing most business related taxes, including employment tax and sales tax. While some of these taxes are collected by the state, they will still use this federal number for your business.

Aside from staying legal, this can be beneficial to your bottom line. Sales tax can only be charged once on an item. As a business, this means that stock isn't taxed when you buy it, but when you sell it. For example, if you have an automotive shop and you buy a part from a parts store, you aren't charged sales tax because it will be charged when the customer pays for the repair. This includes things that aren't itemized on the bill, like bearing grease or an extra nut. This system can only be used if you have a tax ID number, which the supplier will need to have on record for your purchases.

An EIN can be applied for on-line, or on paper using IRS form SS-4. You will need to know the the name of the business, the type of corporation you have, the number of employees you have, the type of business you will be doing. If you are just starting your business, you can estimate how many employees you plan on hiring when you open.

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