As a small business owner, you might have come across the term “EIN” or “Employer Identification Number.” An EIN is essential for various purposes like filing taxes, opening a business bank account, and hiring employees. However, there is a common misconception that obtaining an EIN can be an expensive and complicated process. We’ve had some people report that they paid to get an EIN number, but we are here to inform you that you don’t need to pay for an EIN – obtaining one is entirely free! In this blog, we will guide you through the process of obtaining your EIN without any unnecessary expense, and we’ll highlight the free resources available to help you. By understanding the process and utilizing these resources, you can save time and money, allowing you to focus on what truly matters – growing your small business.
DO NOT PAY FOR AN EIN Number – Ever!
First and foremost, let’s emphasize that you should never pay for an EIN number. Some websites and services might try to charge you for this, but the process of obtaining an EIN is free through the IRS (Internal Revenue Service) in the United States. So, save your hard-earned money and follow the steps outlined below.
Getting an EIN is Free – Utilize Free Resources:
- Determine your eligibility:
Before you apply for an EIN, make sure you meet the eligibility criteria. To be eligible, you must have a valid Taxpayer Identification Number (TIN), which could be a Social Security Number (SSN), Individual Taxpayer Identification Number (ITIN), or another valid EIN.
- Apply online:
The most efficient and fastest way to obtain an EIN is to apply online through the IRS website. The online application is available to small business owners located in the United States or its territories. You can access the online EIN application at the following link: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
- Learn from free resources:
Free resources, such as YouTube tutorials, can help you understand the EIN application process better. This video provides a step-by-step guide on how to apply for an EIN:
Watching this tutorial will help you navigate the application process with ease.
- Fill out the application:
You will need to provide some basic information about your business, such as the legal name, address, and the responsible party (typically the business owner). You’ll also be asked about the type of organization, the reason for applying, and some additional details about your business operations. Make sure to provide accurate and complete information to avoid delays or issues with your application.
- Submit your application:
Once you’ve filled out the application, review your information, and submit it. The online application process is usually quick, and you should receive your EIN immediately upon successful completion.
- Keep your EIN safe:
After receiving your EIN, make sure to keep it in a safe place, as it is a sensitive piece of information. Treat it like you would treat your SSN, and never share it with unauthorized individuals or entities.
- Other methods of application:
If you prefer not to apply online or are unable to do so, you can also obtain your EIN by mailing or faxing Form SS-4 to the IRS. Keep in mind that these methods may take longer compared to the online application. You can download Form SS-4 and find detailed instructions on how to apply by mail or fax at https://www.irs.gov/pub/irs-pdf/fss4.pdf
Remember, obtaining an EIN is not only free but also a straightforward process, so there’s no need to pay for this service. By following the steps outlined in this blog, utilizing free resources, and avoiding greedy corporations that charge for EIN services, you can easily get your EIN and focus on growing your small business. If you have any questions or need assistance, don’t hesitate to reach out to the IRS or consult with TSAT!
Empower yourself with the knowledge and tools needed to obtain your EIN without falling prey to unnecessary costs. In doing so, you’ll be taking a significant step towards a more prosperous future for your small business.
💡 Lightbulb moment: EINs are FREE, so don’t let avaricious corporations take your money! Let us become your Trusted Advisor!
Your Trusted Advisor… At TSAT, we understand that exceptional small businesses must maintain high standards in service, accuracy, reliability, and efficiency. To achieve these goals, it is essential to establish a thorough set of accounting and finance policies and procedures and consistently train all personnel involved. By letting TSAT focus on you accounting, quality assurance, finances, and provide you with a small business accounting department, you can expand your core competency operations and enhance your profit margins. Ensuring every aspect of small business accounting operates at peak performance requires some effort, and we are here to assist you on this journey!
Here at TSAT, we are not simply bookkeepers. We work with you to provide a 360-degree strategic financial advice, including small business operations and investment guidance. We will help you stay ahead of the curve when it small business or personal investments!
If you are a gig worker or small business owner looking to grow your business, TSAT’s AMAZING Trusted team considers much more than just your taxes!
TSAT’s is your Trusted Advisor and will let you focus on your business’s core competencies! Whether you have a small business or you need help personally, TSAT can give you HOPE! Call us today!
Phone: (417) 208-2858
- Website: TSAT Accounting Solutions
- Facebook: TSAT Facebook
- Calendly : Quickly schedule a 15 minute call!
- Alignable: Connect with Us on Alignable!
- Fill out the Qualification Questionnaire for a full 1 hour CFO Consult!