Results 1 to 7 of 7
  1. Collapse Details
    Obtaining an EIN #
    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


    Share on facebook


    Reply With Quote
     

  2. Collapse Details
    Re: Obtaining an EIN #
    Until a tax guru passes by, you might look here:
    http://www.irs.gov/businesses/small/...=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.


    Share on facebook


    Reply With Quote
     

  3. Collapse Details
    Re: Obtaining an EIN #
    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.


    Share on facebook


    Reply With Quote
     

  4. Collapse Details
    I would suggest staying as a sole proprietor. No need to complicate matters with a partnership.


    Share on facebook


    Reply With Quote
     

  5. Collapse Details
    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.


    Share on facebook


    JS

    Schultz & Associates, CPA[/URL]
    Plymouth, Michigan
    Reply With Quote
     

  6. Collapse Details
    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.


    Share on facebook


    Reply With Quote
     

  7. Collapse Details
    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


    Share on facebook


    Reply With Quote
     

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •