Why You Need An EIN Now And How To Get One Fast
Do you do business on the Internet? Are you thinking about it? If so, one of the first steps you need to takeor do right now if you’re already doing businessis to get an EIN number from the IRS. Without obtaining an EIN, your finances can get a little confusing, but more importantly, you are opening yourself up to potential identity theft.
What is an EIN?
An EIN number from the IRS is like a social security number for your business. It’s also called a “Federal Tax ID Number.” Even if you are operating as just a sole proprietor, you can obtain an EIN from the IRS. Your EIN will be 9 digits longsomething like 20-1234567.
How to Use It & Why
If you have ever joined any affiliate-type program, you know they ask for your social security numberas required by law for tax purposes. However, providing this information can lead to many problems. Once you give the company your social security number, they now have a complete personal profile on you, which could lead to identity theft.
Even if the company is reputable, are all the employees? What about everyone with access to the data? Is their data really safe? Unlike your social security number, your EIN number can’t be used for personal credit purposes. Therefore, whenever you are asked for your social security number, you will use the EIN instead.
How to Obtain an EIN
Obtaining an EIN from the IRS is a very simple process. First, go to their website, irs.gov. On the upper left hand side there’s a “most requested forms” area. Click on Form SS-4, which is the application for an EIN. It’s a PDF and you can usually fill it out in your browser and print it. You can fax or mail this form into the IRS.
If you want to apply online for an instant EIN, enter “online SS-4″ in the IRS’s search box. Usually, the second listing will be the online SS-4 page. Follow the procedure to get your new EIN fast.
The Smart Thing to Do
Obtaining your EIN number is the smart thing to do. You can get it online instantly or fax in the form and have it quickly. Another smart thing to do would be to set up a LLC or corporation. Limit your exposure and potential for identity theft and get your EIN number from the IRS today.
Jason A. Martin is a copywriter and entrepreneur who runs an Internet business blog at InternetBusinessEntrepreneur.com. He also owns a travel & vacation guide website at TourismJunction.com.
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