If no EIN then they use your SSN. But I think that depends on your company setup. Sole prop, LLC , Inc etc.
Best best is check out the IRS website for actual info.
Best best is check out the IRS website for actual info.
EIN?
Do you really need an EIN number if your your only employee? is it only for banks and wholesalers?please help i am very confused on this matter!!Thanks
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EIN is required to start a business account
EIN is required to set up any wholesale account
Some Companys require you to have one in order to do business with them
That is where you get stuck My advise to artists is stay low for as long as you can
But if you grow, at a certin point you will need to get one. If you get one you need to file and pay sales tax quarterly even if you dont owe anything. I hope this helps
EIN is required to set up any wholesale account
Some Companys require you to have one in order to do business with them
That is where you get stuck My advise to artists is stay low for as long as you can
But if you grow, at a certin point you will need to get one. If you get one you need to file and pay sales tax quarterly even if you dont owe anything. I hope this helps
You can setup a business checking account without an EIN also most wholesales require something like a Retailer Sales License, not a EIN. EIN is a SSN# for a business. If you are starting a sole proprietorship (which is what it sounds like) then you do not need a EIN. Rather check your state requirements for sales tax/resale licenses.EIN is required to start a business account
EIN is required to set up any wholesale account
Sorry for any mis info but thats how I understood it 8 years ago
Here's a thread from yesterday that may help you also.....
http://www.t-shirtforums.com/business-finance/t123955.html
Hope this helps.
http://www.t-shirtforums.com/business-finance/t123955.html
Hope this helps.
Sorry for any mis info but thats how I understood it 8 years ago
haha...remember this is the tax law. Those guys/gals have to change it everyday or people would figure out their scam!
Instructions for Schedule C:
You need an EIN only if you have a qualified retirement plan or are required to file employment, excise, alcohol, tobacco, or firearms returns, or are a payer of gambling winnings. If you need an EIN, see the Instructions for Form SS-4.
You need an EIN only if you have a qualified retirement plan or are required to file employment, excise, alcohol, tobacco, or firearms returns, or are a payer of gambling winnings. If you need an EIN, see the Instructions for Form SS-4.
Nice...Sole pro and a SS# would get you the business account like Your name DBA Eminence shirts for example and thats how your checks will read ....DBA (doing business As) If you want to get set up strickly as Eminence shirts , you search your states website to see if that name is available then you pay a fee and you get a business license # this is different than a Ein but that is what you use to get set up with supply houses and what not (resellers License #) then you dont pay sales tax on your supplies and equipment. but in the process of getting you business name with the state they assign you a EIN#
I'm in Pa so each state is different too!
Exactly, sad thing is the feds suck the states into telling everyone they need a federal ID (EIN), then the states believing it tell the local government that it's a federal requirement, the local government tells businesses it's a requirement, and they tell potential customers you have to have it to set up a wholesale account.....couldn't be further from the truth......sad part of it is that because of the tax code no one really knows what is and isn't required including all the government agencies from the top down.haha...remember this is the tax law. Those guys/gals have to change it everyday or people would figure out their scam!
90% of the time in a sole-proprietorship your SSN is all that's needed unless a tax attorney tells you differently.
Something else to consider is that the application for a EIN is one of the statistics (new business starts) used to show growth in the economy, you have to ask yourself what does the federal government give you for free (your EIN) that there isn't a string attached in some way.
JMHO
Perfectly stated!Exactly, sad thing is the feds suck the states into telling everyone they need a federal ID (EIN), then the states believing it tell the local government that it's a federal requirement, the local government tells businesses it's a requirement, and they tell potential customers you have to have it to set up a wholesale account.....couldn't be further from the truth......sad part of it is that because of the tax code no one really knows what is and isn't required including all the government agencies from the top down.
90% of the time in a sole-proprietorship your SSN is all that's needed unless a tax attorney tells you differently.
Something else to consider is that the application for a EIN is one of the statistics (new business starts) used to show growth in the economy, you have to ask yourself what does the federal government give you for free (your EIN) that there isn't a string attached in some way.
JMHO
1 - 13 of 13 Posts
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