What is an EIN? An EIN is an employer identification number, or a tax identification number used by the internal revenue service uses to identify your business for tax purposes. Getting an EIN number applies to several different people and to figure out if you need one you must take into consideration several different aspects:

• Do you have employees?

• Do you plan on hiring employees?

• Did you start a new business?

• Did you open a bank account that requires an EIN?

• Do you want to start a business line of credit?

• Have you recently changed the ownership of your business or organization?

• Have you created a trust, pension plan, corporation, partnership, or LLC?

• Are you an executor or administrator of an estate that still operates a business?

If you answered yes to any of these questions, then you need to apply for an EIN number. You can apply by phone or online. What are the benefits of getting an EIN online?

No Hassle

When you apply online, you can use the website IRS-EIN-Tax-ID, to save yourself the hassle of having to give all your information to someone over the phone. When you do this over the phone, it leaves an opportunity for information to be misheard or the information you be put in incorrectly. Leaving you to re-do the application.

You Get Your EIN Faster

When you fill out your EIN application online, you can get your tax identification number on the same day as long as it was done during business hours. Almost always you will get it via email within an hour. This is great if you are needing your EIN fast. For example, if you need an estate EIN, you can get it back faster and can give the estate out to the beneficiaries.

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