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An Employer Identification Number (EIN) is a unique, nine-digit number used to identify your business entity for various business purposes. Chief among those purposes are filing your business taxes, getting a business bank account, and performing other types of legal and tax reporting.
Applying for an EIN is a fairly straightforward process, but you may still be wondering what it will cost you. Keep reading to discover how much an EIN costs business owners, plus learn how we can help you through the entire process with our worry-free formation and EIN application services!
The great news is that EINs are typically free. All you need to do is go to the EIN application on the IRS’ website and enter the information for your business and principal officer (the application’s / business’ responsible party).
You’ll be asked questions such as:
Simply follow through all the steps in the application, answer the questions honestly and accurately, and submit your application. Then you’ll just need to wait for your confirmation letter to arrive via the method you chose (online or via mail). The letter usually arrives within 8 to 10 business days after the IRS processes your EIN application.
For a full rundown of the steps involved in the application process, read our article on how to get an EIN for your LLC.
While we already mentioned this in our “What Is an EIN?” page, it bears repeating: certain business types aren’t required to get an EIN.
For example, sole proprietors with no employees or excise tax liability are not required by the IRS to acquire an EIN. Typically, if you run a sole proprietorship without employees or excise tax liability, you can most likely just use your Social Security Number (SSN) for tax reporting and filing purposes.
Single-member LLCs (without employees or excise tax liability) are also not required to get an EIN.
That said, most U.S. financial institutions require businesses to have an EIN in order to acquire a business bank account. So, if you intend to hire employees or get a business bank account, you’ll still want to apply for an EIN.
You should also consider the best timing for when to get your EIN. Since the IRS asks for your formation date in the EIN application process, you’ll want to form your business before applying for an EIN.
No more struggling to make sure nothing has fallen through the cracks. You can relax knowing that we’re on top of the details, while you focus on starting, running, and growing your business!
Want to learn more? Read all about what an EIN is here.
You don’t necessarily need a Social Security Number to apply for an EIN, but you will need to get some sort of Taxpayer Identification Number (TIN) in order to apply for an EIN.
Your business lawyer can also assist you with filing your tax returns, and if there’s an error, your lawyer will correct it.
If you fill out the online application for an EIN, the application is usually processed immediately. You will then receive your confirmation letter within 8 to 10 business days after processing.
In most states, you can apply for / acquire both an EIN and a business license at the same time. However, check the IRS’ website for any specifics about your state.
Getting an EIN for your LLC simply involves filling out the application on the IRS’ website. Follow the steps outlined on this page: Get an EIN for LLC.
Once you get an EIN, it becomes the permanent Federal Taxpayer Identification Number (FTIN) for your business.
Your EIN never expires; however, if you change certain major factors (such as your business structure), you may need to apply for a new EIN.
Disclaimer: The content on this page is for informational purposes only, and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.