Employer Identification Number in Three Easy Steps

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There are so many uses of Employer Identification Number, especially for large businesses. An EIN, which is a nine-digit employer identification number, can be used to file business taxes, apply for loans, open a business bank account, etc. Businesses cannot bypass the important step involved in getting EIN, which is the EIN number application. If you intend to apply for the EIN number, then continue reading this article as I mention three simple and easy steps to apply for EIN.

 

But before that, let’s delve deeper into the uses and roles of EIN for businesses.

 

Why You Should Go for EIN Number Application?

Even if your business doesn’t necessarily need an EIN number, you would always benefit from just having one. It will lend credibility to your business and would make loan applications much easier. Let’s find out how you can benefit from having an EIN number.

  1. Filling business taxes

This is the primary use of an EIN number. Every business owner, who is in dire need of an EIN number is probably because of their need to file business taxes and avoid getting penalized. Certain businesses must use an EIN number to file taxes; otherwise, they can be liable to pay huge sums of money in fines. A business that needs an EIN number is supposed to get one, before the tax filing day. Therefore, it is advisable to search well in advance how you can do so quickly. If somehow you fail to get EIN, you would have to notify IRS and comply with the requirements.

EIN Number Application

 

Prevent identity theft

An EIN is a great way to separate personal finances from business finances. After you get your EIN number you don’t have to give your personal SSN to vendors and other business dealers you can simply give your EIN number for all the business dealings. As a result, you could keep your SSN number confidential and lower the chances of fraudsters looking to steal your SSN and using it to commit a much bigger fraud.

 

Hassle free loan applications

To apply for a business loan a business doesn’t necessarily need to have an EIN. Most of the business lenders only use business licenses or permits to qualify you for a business loan application. However, many times lenders require you to have a business account, the application of which requires an EIN number. Therefore, you can quickly get through the application process if you already have an EIN number.

Open a business bank account

As mentioned above, a business that needs to open a business bank account needs to have an EIN number. Many banks won’t allow you to open a business bank account unless you can present an EIN before them. Thus, you stand a better chance of getting a business bank account if you already have your EIN.

 

  1. Establish business credit

EIN can be a great resource in building your business credit history. Once you separate your personal finances from business finances, you can start building your credit history. It is because it can easily give insights into a company’s financial business transactions.

 

 

Steps for EIN Number Application

 

  1. Confirm your eligibility

You should know that you can apply for EIN only if your principal business is located in the United States of America. If you are applying online you must have a valid Taxpayeridentification number (SSN, ITIN). Also, know that you can get one EIN per one responsible party per day. A responsible party is the one who owns and controls the business.

2. Understand the online application

The online application must be completed in one session because you would not be given an option to save and continue later. So if you want to avoid wasting your time and energy in filling out the forms, again and again, complete the application in one go. The session expires after 15 minutes of no activity.

3. Submit your application

Once you complete the application form and submit it you will be issued an EIN after your application is validated.

 To know more information about


How to apply for EIN number? - Click here 

What is an EIN Number for business? - Click here

Look up EIN for Business - Click here

Buy EIN Number Online - Click here

How to apply for an EIN Online? - Click here

EIN Number for UPS - Click here

 

Location: Salem, OR, USA

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