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How to Get an EIN from Outside the U.S.
Email address Get updates. Thanks for subscribing. Bitcoin Business Plan Consignment. The tax identification number for an individual is called his Social Security number.
Purpose of TIN
In short, a Social Security number is a type of tax identification number, but a tax identification number isn't always a Social Security number. The main purpose of any tax identification number is to allow the business owner to pay taxes on behalf of the business.
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When filing business taxes, the company owner must include this number on her tax forms. Banks require a tax identification number to open an account in the business name. Suppliers and customers sometimes ask for a tax identification number in order to establish an account with the company or cut a check for payment for tax reasons.
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In the case of a sole proprietorship, a Social Security number is the same thing as the business' tax identification number. A sole proprietor's personal Social Security number automatically covers his business activities — the owner and business are one and the same.
But owners of other business types partnerships and corporations must apply for a separate tax identification number in order to conduct business.
A partnership involves two or more people, so the business cannot use just one owner's Social Security number. Those numbers work as your state tax ID number.
Identifying Tax Numbers
The only exception to this rule is in when someone uses the abbreviation EIN to refer to a state tax identification number. You can use this number for incorporated businesses, but you can also use EINs for sole proprietorships, partnerships, non-profit associations, trusts, estates of the deceased, and a variety of other businesses and organizations. Note that if you run a small partnership or unincorporated sole proprietorship, you can issue payments to subcontractors without an FEIN.
However, the government has strict criteria defining the difference between independent contractors and employees, and before embarking on any relationship with a worker, you should make sure that you meet the legal requirements and are classifying them correctly from a tax perspective. An expert can help you navigate these waters.
ITIN Number - Individual Taxpayer Identification Number
Once you have employees, you need your FEIN to remit payroll taxes such as Social Security contributions and Medicare premiums and income tax on behalf of your employees. You put the EIN on the tax forms and payments that you send to the government, and at the end of the tax year when you issue W-2 slips to your employees, you also put the numbers on those forms.
In addition to tax forms, you can also use your FEIN to open business bank accounts, apply for credit cards for your business, and take out business loans.
To explain, imagine all the ways you use your social security number.
Related ssn or federal tax id number
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