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networkmom
04-17-2006, 06:47 PM
I currently run an internet business and have been filing taxes with my social security #. I am wanting to apply for an EIN but not sure which one to apply for and what the benefits for each one are? I run this myself but my husband could be a partner. Should I do sole, or partnership.
Will I have to pay taxes quarterly or can I continue to pay yearly when I file my pesonal taxes? I have so many questions but I will start here.

Thanks
Denise

BusinessMan
04-20-2006, 09:05 AM
Until a tax guru passes by, you might look here:
http://www.irs.gov/businesses/small/article/0,,id=99200,00.html

That seems to be the hub for small business tax forms.

SS-4 seems to be the most common (http://tax-forms.smallbusinessforums.org/form-ss-4.htm) but I'm not sure whether it applies to you.

bizdev
04-28-2006, 07:21 AM
Hi Networkmom!
In answer to your questions:

Businessman was correct in saying Form SS-4 (IRS) is used to obtain an EIN number. However, you don't really need an EIN if you don't have or plan to have employees. You can use an EIN if you don't want to use your social security number, but it isn't necessary in your case.

I would suggest staying as a sole proprietor. No need to complicate matters with a partnership (especially if your business is yours alone).

And you only need to pay quarterly taxes if you need to pay estimated tax or have employees. You pay estimated tax if you expect to owe at least $1000 in taxes (after withholding and credits). This is very general info of course.

dolly fsession
03-05-2014, 07:12 AM
I would suggest staying as a sole proprietor. No need to complicate matters with a partnership.

Jschultz
09-23-2014, 02:54 PM
Networkmom

You can apply online on the IRS.gov site for an EIN. At our firm we tend to lead clients to the LLC. That would mean you would also have to file article of organization with a State. Then get the EIN under that name. Open bank accounts in that name ect. The LLC gives you flexibility of how you would like to be taxed. You can start being taxed as a Sole Prop, then as the business grows move to a corporate or S corp form of tax. I would probably stay away from forming a partnership with your husband. It only creates additional reporting (filing a Form 1065) and it does not change the amount of tax you would pay.

Jnyou1
05-10-2016, 06:07 PM
Filing taxes with your SS may be the same even with EIN. I'm assuming you have a schedule C ? when filing? Or you should. if you are not Inc. or LLc you will still file the same way and even in some cases you can be an LLC and still file with a schedule C.

I hope that makes a little sense.
The benefits with tax purposes are really only benefited if you are LLC partner. or INC. it has different ways of reporting on your personal taxes.

Daniel Jameson
04-12-2018, 07:03 AM
Hello,

Obtaining an EIN is not that much difficult process as you are thinking. Yes, EIN can help you in many ways,. There are various companies on internet that provide online business services and thy will help you in getting EIN for your business in very short time.
An employer identification number (EIN) is a nine-digit number assigned by the IRS used to identify the tax accounts of employers and other. An EIN is also known as a federal tax ID.
This EIN is your permanent number and can be used immediately for most of your business needs, including:

-Opening a bank account
-Applying for business licenses
-Build Business credit separate from personal
-Filing a tax return by mail

lanaroady
08-29-2019, 03:33 AM
Hello,

Obtaining an EIN is not that much difficult process as you are thinking. Yes, EIN can help you in many ways,. There are various companies on internet that provide online business services and thy will help you in getting EIN for your business in very short time.
An employer identification number (EIN) is a nine-digit number assigned by the IRS used to identify the tax accounts of employers and other. An EIN is also known as a federal tax ID.
This EIN is your permanent number and can be used immediately for most of your business needs, including:

-Opening a bank account
-Applying for business licenses
-Build Business credit separate from personal
-Filing a tax return by mail

Yes you were right about licenses but i have a pin point with that you are making two different things into 1 possibility ? isn't it

Lilykevin95
07-24-2020, 11:53 PM
You can likewise apply for an Employer Identification Number (EIN) by fax or mail by finishing Form SS-4.

nadiasonii
04-21-2021, 03:13 PM
Thanks for sharing