Here's the correct link to apply for an EIN online with the Internal Revenue Service (IRS): www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
I'm having a hard time figuring out if I should put my tax I'd on all states in the usa but I dont have a physical ware house or store just an online store please help out
Sorry to be so off topic but does someone know of a way to log back into an instagram account? I was stupid lost my password. I would love any help you can offer me!
Your video was so helpful!! Thank you so much. I am a US citizen but now living abroad (with an SNN) hoping to start an Amz bus. so this really helped me . Thank you...! Crystal Clear!!!
I am so glad and thankful to have come across your channel. You're seriously the best. A little bummed comments are closed for some of the older videos where questions have come up. Nonetheless, I'm really thankful for people like you.
So basically, an EIN is for the IRS to collect federal taxes, a Reseller's Certificate/Permit and an LLC is to collect state taxes, and a business license is to collect local/city taxes? oh and the DBA/FBN is for the county to collect fees bc they can? Is this correct?
When filling out the form, under address do you put your registered agent address or your home address? I also have a virtual mailing address for my business. Do I use the virtual address or registered agent address as the address for the business or do I need to put my home address? Thanks.
In the EIN form, the IRS asks for your physical location address (if you work from home, that's your house) and your business/mailing address (in the form you check a box if you want mail sent to a different location - that's for your business mailing address). So the physical is your home and the mailing is your virtual.
Hi I am still wondering about this! When applying for an EIN, do I need to put my personal address or my virtual address for tax purposes and privacy as well. Please help and explain in detail 😭😭
@@ElizabethPW I'm applying for mine today, and this was quite helpful. I feel confident. Your explanation of why I needed one as a sole employee of my LLC was great info to know.
@@ElizabethPW Thanks a bunch. I just successfully got my EIN. Took me about 20 mintues, and was super easy after following your video. Much appreciated. 🙏
If you would like to schedule a Quick Call with me (15 min for $100) then here's a link epw.as.me/. If you want to talk to the IRS, here's the number for business tax questions: 800-829-4933
Thanks! Assuming you are a sole proprietor (aka no partners, LLC, or corporation), you could use your personal SSN for tax stuff, or you can get an EIN.
You'd have one EIN for the legal entity (a sole proprietorship if it is just you) and then you'd file three DBAs (or one application with three DBAs, there are different forms in different places). Yep you can use your home address.
Hi Elizabeth, loving your videos so far! I was wondering if you could explain the difference between an EIN and a State tax ID (in California)? My business license application is asking for both, but I can't find information on what a State tax ID and if I need one.
Hi Elizabeth :) I came across your channel and find it super informative! I have a question. I am starting a business with my sister and was looking into a DBA. Can I do a DBA even though it would be a partnership? or do I need to go straight with an LLC? Also would I need an EIN? I would appreciate the help! :)
Yes a partnership can own a DBA, so that can work. I do recommend thinking about an LLC when you have multiple owners, because you are each personally liable for each other's actions. Yep you'd want to get an EIN for the partnership.
Dear Elizabeth. Thank you so much for sharing this. I hope you’ll answer my question. What if we have different business names (channels or blogs) when fill out Trade Name of Business?
If you have DBAs for the various business projects, then you would want to tell the IRS about it. You can list one in the form and then you could send a letter to the IRS to give them the other names (www.irs.gov/businesses/business-name-change ).
Hi Elizabeth, thanks so much for taking the time to create these clear and super informative videos. Realized you have answered this question a few different times in the comments below but want to make sure I am doing this right. 1. I am planning to have an online business as well as have a physical store down the road. For this year, I will be testing the concept with a pop-up store. So, what do I fill as the physical location of the LLC? Should this be my home address? I do have a registered agent - should I choose the registered agent as my mailing address? What's the benefit of doing so? 2. If I am not sure whether I will be hiring employees at this time, how do I fill this section out? I expect to have part-time help initially - should I assume that I will have one employee and also which tax form should I choose 941 or 944? 3. If I fill EIN with the information that's accurate now and things change (such as number of employees, location or the tax form I choose), do I need to go back and file a new EIN or how do I update this one? 4. Lastly, do you offer trademark registration services or point me in the direction of someone who can? Thanks!
1 - your RA might let you use that address as your "location" address, then you can get a PO Box or virtual mailbox for your mail. It can be good for privacy vs your home address being public. 2 - if you are not going to have employees right now, you can just do all that once you hire someone. I'd recommend using a service like Gusto.com to do those filings and handle payroll. 3 - You keep the same EIN and the IRS will be updated when you do your next filing. 4 - when I am open for new clients yes I have Trademark Packages (current fee is $1050) - you can email me elizabeth at elizabethpw.com if you are interested
@@ElizabethPW thank you! One additional follow-up. So it doesn't matter that the RA location is not where my office is located. Should I also be getting a phone number for the business by the same logic of keeping my information private? I am in the process of finalizing my logo so will reach out to on the trademark package in a bit.
So glad I found your page here! Thank you for your amazing videos. I have an ebay seller question, if you don't mind. Changed my personal ebay acct to biz a few years ago, got LLC and EIN. I just canceled the LLC (as I do not make enough $ to justify the CA $800 annual fee). I opened this LLC Dec. 29, '21 and filed cancelation today (12/23). I should not be liable for the $800 due to the special waiver, right? Also, ebay won't let me go back to a personal acct and I don't want to lose 20 years' worth of feedback, so I'm a sole proprietor on the site and they require an EIN (unlike etsy, where you get a choice of using SSN or EIN). I know I'll have to apply for a new one but do I have to file anything w/CA officially as a sole proprietor? Can I get an EIN as a Joe Schmoe ebay seller? THANK YOU!
The $800 waiver is just for the first year that you have the LLC. Yes you can get an EIN for a sole prop! You don't really file anything to get a sole prop unless you need a DBA for your seller's name, if it is not your own name (in CA that's with your County and is called a fictitious business name registration).
EIN is Federal and valid all USA 🇺🇸. Sales permit is State level. If you have 2 business in diferent states going to need 2 Sales permit one EIN. Besides other permits at county level and city level. Good Luck.
Well some states don't have sales taxes, and generally I'd recommend a service like taxjar.com to manage the sales tax part if multi-state. But yes, just about every level of government has their own license or permit or tax filing.
Hi Elizabeth :). I am really amazed by your video. Very helpful! Just a few quick question. Can I apply for EIN right after I just applied for an S-Corp ? Or I have to wait until I received the email first ? 2. If I closed a business entity, how do I do with the left EIN? Appreciate it!. Best Jacky
I usually wait for the documents to get accepted, just in case you have to change something (like if you have to adjust the name or something was not filed quite right). That way you don't have to also fix the EIN.
I love your videos!!!....I m a free Lance Notary and a bartender and was wondering if you recommend I get a EIN ? I do not have a business entity established but I heard there is a lot of benefits to establishing one. I am definitely interested in opening a line of business credit but not really the entitity since there is yearly fees to doing so and I feel I currently do not make a significantamount of profit.....would you still recommend getting a EIN?
There really isn't a downside with having an EIN - it is helpful so you don't have to give out your personal SSN on forms and such. I don't think it will really help with business credit, because as long as you are a sole proprietor (not an LLC or corporation), it really is just your personal credit anyway.
I love your channel. If the company i want to do business with needs to do a background check on my business, will i need to provide my EIN number for the background check? Or do i provide my SS#?
Thank you so much for this video! I'm worried about using my EIN when the tax forms instruct to use the "disregarded entity's" owner's TIN not the business's EIN. I'm the owner of a single member LLC, no employees, no excise tax; I only have the EIN to open a bank account for the business. Any help on this I would appreciate!
In the online EIN application, you enter your ITIN/SSN as the responsible party, so the IRS knows what human person to contact about tax stuff. Sometimes you also have to give your ITIN/SSN when getting a business license, for the same reason.
Okay so I registered for my EIN and put my own personal address since I work from home, but when I went to register for my LLC I did some research and got a virtual address for the LLC. Do I need to change the EIN address to the virtual address to match my LLC or is it okay being my own personal address? I am not sure if they need to be the same. Thank you!
It’s okay with it not matching - the IRS just needs to know how to contact you. The next time you file something with the IRS, you can change the address if you want.
I wonder if the IRS let's you use the 'virtual mailbox street address' on the EIN form....im going ti be working at home and going to sell on Amazon, Etsy, Ebay. Hearing horror stories registering a new Amazon pro seller account.... people accounts being shut down during registration with little way to appeal because addresses don't match and you can't reason with an algorythm......
Hi Elizabeth, thank you for your information, it's so helpful! May I ask how should I avoid risks if I use my SSN to apply for an EIN for someone else?
I wouldn’t use my ssn for someone else, bc then it’s saying you’re the tax responsible person. Unless you’re going to be handling their tax stuff, like you’re an accountant
Hello Elizabeth! I've been watching your videos! Thanks for helping! I applied for my LLC and EIN via Northwest (per your video recommendation - thanks!), but per Northwest, EIN requires further review from IRS (after submitting IRS Form SS-4), so I'm wondering...should wait for IRS EIN approval before starting my DBA? I'm planning to set up multiple DBAs under my LLC with one EIN. Thanks again for everything!
Hm check out the DBA applications and see if you are required to include your LLC's EIN (I don't think so, but somewhere could use that as an ID number). Otherwise, yes you can get the DBA process rolling while you wait for the EIN to come in.
Love your channel. If I am setting up multiple DBAs under an LLC, do I need to get multiple EINs (for each DBA) or would I just use the one EIN (under the LLC)? Thank you.
I recommend you speak with a tax preparer or CPA about which tax status would be the best fit for your business. It depends on the type of business, how much money you are making, your connections with the U.S., and your general personal financial status.
Thank you for your helpful video! If there is another board director but they are not an employee - do they still get marked on the EIN application as an employee or is there another way that needs to be reported? Thanks so much for your help!
Typically the directors will be listed on the corporation's statement of information or other annual report - it doesn't really get reported to the IRS on the EIN.
I file an ein at irs ein but i didnt get a chnacs to download my ss4 form how do i retieve that and keep it for my records because i clicked on get letter of confirmation how do i get a copy of my ss4 form from irs
call them - Business and specialty tax line and EIN assignment (800-829-4933) Regular hours of operation Hours: M-F, 7 a.m. - 7 p.m. taxpayer local time; Alaska & Hawaii follow Pacific time
Hi Elizabeth! Great video:) I have a few questions. I'm starting a new online business (retail) as a sole proprietor. I've named my business and will purchase the domain, email address, and register the name with the state (so no one can use it in the future). Am I putting that non-LLC business name in the Legal name portion of the EIN form? Also, can I use a virtual address or UPS Store for my online business based out of my home? Will it still be considered an online home-based business? I want to get business credit in the future and open a business bank account after applying for my EIN that is why I'm asking. Thank you!
When you fill out the EIN application for a sole proprietorship that has a DBA, then your use your name as the legal name of the business, and put in the DBA in the IRS EIN form. On the IRS form you can also use both a mailing address (like a UPS store) and an actual location (your home address). Most government forms will have a space for both mailing and physical addresses.
Do you get an EIN for each business type you start? I am thinking about a sole proprietor, one for massage and another for a farm? What happens if you previously had an EIN for a business that you never really used?
No the EIN you have for a sole prop applies to any business you have (unless you form another entity like llc/corporation). You may be able to call the IRS and get that old EIN from them. 800-829-4933
Love your videos, thank you. So I am confused about the line: Legal Name and then Trade Name. I want to start with a DBA for my online business. In the line legal name is it my name and then Trade Name, the name I choose for my business? Also. should I get an EIN first or my business license first from the city I live in?
Yes that's right -- the legal name is your name, and the trade name is the name you are using for your business. Probably get the EIN before the business license because you may need to enter the EIN on the business license form.
Hi, When Applying online. When I reach Legal name of LLC (must match articles of organization, if filed). my LLC name is say ABC Travels, LLC. but online application wont let me file as ABC Travels, LLC (becuase of comma). What do I do here
That's a good question - you can get an ITIN (individual taxpayer number) even if you are outside the USA. Here's some info from the IRS: www.irs.gov/individuals/how-do-i-apply-for-an-itin - it might be hard to do during covid-19 - you can google search for companies that help with it.
Hello from Texas, and thank you for the video, I want to start an online business but I only have a DBA, would I need an EIN? If so, I'm confused as to what option to choose on the application as to legal structure, since there is no option for DBA. Thank you
Hello, I created an LLC with Registered Agent's address for both mailing and physical addresses. Applied for EIN with the same addresses. I will be getting a virtual address. Do I change both mailing & physical addresses in LLC and EIN with this new virtual address? or just the physical address.
hey Elizabeth, me and my partner are starting a business in Florida we want to know, when filling as a 2 person business do we both need to give our SSN or just the one doing the forms for the EIN? thanks for the Videos Have A Great Day :)
Hi Amit - for a two person business (a partnership), only one person will need to submit their SSN in the EIN application - that person is the "tax matters partner" for the business. Note: if you take another step and file to have the partnership taxed as an S Corporation, both owners will need to give their SSN as part of the S-Corp filing with the IRS.
Hi Elizabeth, I currently have an EIN for my existing business. I am starting a second business and plan on applying for EIN via IRS online. When filing out the application online for EIN should I use my SS#, or the EIN from my existing business? Thank you.
Well if your second business is owned by the first (like if they are both corporations and the second is a subsidiary of the first) then you might use the EIN of the first. But if you are the direct owner and person in charge of tax communications, then you'd use your SSN.
Hey Elizabeth! Thank you for this video! Huge help! Question, I have already started a Poker Vlogging Channel and want to start creating merch to sell. Is that merchandise taxed? Do I need to report sales at the EOY? Would a Tax ID be ideal for me here in my situation. I have no employees, just me.
The merch would be subject to state sales tax (depending upon the state of the purchaser) and you'd pay income tax on any profits on sales. Some merch shopping cart systems will handle the sales tax for you -- you need to research the system you are using. Yep you'd file it as part of your taxes (if a sole proprietorship, on your Schedule C). Getting an EIN can be a good idea but is not required.
Hi Elizabeth, great video! I have a question, when applying EIN, in the details part its asking for trade name/DBA , what if my shop name is different from LLC name. Can I just put my "trade/shop name" even if i don't have DBA. Or do I need to file or have a registered DBA to put. Thank you.
@@ElizabethPW how about with regards to the W-2 filing I am the only owner but I put myself and my husband as a manager? I did put him if i just be needing help not really an employee getting salary over our business. Should I click yes or no?
HI Elizabeth, as a startup e-commerce sale and resell of products on a e-commerce platform which selection : single member or multiple member would be best to optimize tax deductions ? Currently it is myself and plan to add employees as profit increases. Thank you
Thank you so much for your videos! Can you help me to understand Lines 11, 12, and 15? I am just starting with a Sole Proprietorship with no employees. So far I have obtained my DBA only and was unsure of what to put on those lines. Thank you in Advance for your help!
On the SS-4 form, line 11 is when you started the business (so if you are starting it now, would be Jan 2023). Line 12 is the last month of your "accounting year" -- that is usually December, if you are doing your bookkeeping using a calendar year of Jan to Dec. Line 15 is about when wages were first paid -- if you have not paid wages, then you don't put anything there.
Hello, great video so I have a question so first we need to apply for a sole proprietor or llc before we get ien ? I just launched my online business and buy from vendors I’m not sure if I need a sole proprietor or llc and Ein? I’m not making a lot of money yet so I’m not sure
Here's a video I did about the LLC vs sole proprietorship decision: ruclips.net/video/5ClAJYWTLRA/видео.html. But yes you need to decide that first before the EIN -- because an EIN is for the legal entity (either an LLC or a sole prop).
Thank you for the great content. Your were a great help! I still have a question I want to be sure about. I’m not a US citizen or resident. I won’t be hiring employees in the US and at the moment I don’t have any need for an American business bank account as I won’t be selling directly to Americans. Is it possible and Legal for me to register the company in the US and not apply for the EIN. Can I operate my company with formation certificate only? Do I have to file anything yearly? Thank you in advance.
I'm not sure why a business would register in the USA if they don't have any customers or clients here. If someone forms an LLC or Corporation in the USA, then it would need to get an EIN and file annual tax returns.
@@ElizabethPW I understand that. But would I be able to use my company without EIN? Like I said I don’t need it for any of the necessary things it is used for.
If you formed a Corporation in the USA, it would need to file tax forms even if the forms said zero dollars were earned. To file the tax forms, you'd need an EIN. If you filed an LLC that was taxes as a sole proprietorship or partnership, and it earned zero dollars, it might not need to file any federal taxes, but some states (like California) would still require an annual tax return (so you'd need a tax id).
Hello, I had a question, for the EIN does my legal name include exactly what I filed with bizfile- I am finding that my whole name is not fitting in the online from which is Selena Briana Bueno, Licensed Clinical Social Worker A professional corporation. Can any of this be abbreviated? or do I have to file on paper?? Thank you much
Hm the directions www.irs.gov/businesses/small-businesses-self-employed/online-ein-frequently-asked-questions talk about long addresses and symbols but not long names. If it was me, I would use an abbreviation for the last parts, like "LCSW a Prof Corp" - make sure to include "corp" so the IRS knows that it is correctly labeled as a corporation.
Hi Mauro - no, you won't need a new one just for a DBA. The EIN is for your *legal* entity (LLC) not for the trade name of the business (DBA). You could have multiple DBAs under one LLC, and you'd just need that one EIN.
@@ElizabethPW Newly inducted sole proprietor here (just started at revenue $0), on the subject of multiple DBAs, if I set up shop on POD sites with multiple brand names, like say 4 various brands, that is under the umbrella of (LLC), do I put all 4 DBAs on line number 2 of the EIN form?...also do I need to establish two LLCs, one for DBA POD sites (mentioned above), and one for my online teaching as myself on an online teaching platform? or can I just DBA as myself under the same umbrella LLC. Thanks so much for your help ~ Grace
@@Grace-dg6qj - you can put all the DBAs under the same umbrella LLC, to start. Sometimes we split the business up into multiple LLCs to keep the liability separate (anything under the same LLC is liable to each other thing), if one business is especially risky for lawsuits or debt. But maintaining many LLCs is expensive for a tiny business. For the EIN, that's for the legal entity and the IRS is not really particular about you listing all the DBAs - you can list them but if you add more or change one, the IRS doesn't care much - they are focused on the legal entity (the LLC).
Hello. Nice Video. So, just to be clear. An EIN for Sole Proprietor is the same as your personal SSN and can effect your credit. But, a EIN for LLC or Inc is seperate from your SSN and don't effect your personal credit. Am i on the right track?
A sole proprietorship is the same as you personally, so yes any debts effect your personal credit. Any debts of the LLC do not have an effect on your personal credit, UNLESS you co-sign for the debt (common requirement with SBA loans, credit cards, and leases when a business is brand new). Whether or not you have an EIN isn't relevant to your credit.
If I decide to wait a few months after starting my business to get an LLC, would I need to At least have an EIN number for opening a business bank account and such?
Right if you start without the LLC, you are starting with a sole proprietorship. You can use your own name and SSN to open the business bank account or you can get an EIN for your sole prop business. (You'll probably need a new/different bank account when you get the LLC -- most banks have different types of accounts for sole props vs LLCs.)
I am self employed only and in entertainment. I want to put film on Amazon and need a business account. Do you recommend LLC or just EIN? Also LLC must be done before EIN number correct? I am watching all your videos learning a lot. Thank you!
My daughter went out on her own as a Hair Stylist last year due to Covid and has a W2 for 10 months and was on her own for Nov and Dec. She did get an EIN, but can she still just do one tax return and include the income from her self employment this year? She'll likely do a bunisess return for 2021
If she was an independent contractor / sole proprietor for Nov/Dec, then that isn't a separate tax return. That business information just goes on a different "schedule" on her 1040 (a Schedule C) -- you can still use most tax prep software/companies for that.
Informative video. I have a question regarding name which you mentioned - do you have to use the name on social security which is the full birth name, but all my other documents (tax returns, passports, etc.) all have my nickname which is what I go by, do I still have o use he SSN name? I really don't like to be referred by that name (think Betty/Elizabeth-so it is quite different not like Rob/Robert). Thanks
I have found that you must use your social security name when you apply for an EIN online, because the system contacts the SSN database to check that the number and name match up. You might be able to do it that way by mail, but it takes a long time and I wouldn't count on it.
Very helpful information thank you. I have a question I live here in California and I sell in a flea market (swapmeet) do need to get a EIN #. I have a seller permit. Soory for the stupid question I just started selling in October. Thank you
Yep get an EIN for your business - it will be better to use that on the various forms than your personal social security number or ITIN. Really since getting an EIN doesn't cost money and you can do it online, there's no reason not to.
Do I need an EIN for each affiliate program I sign up with that require it, e.g. amazon affiliate, shopify, tok tok affiliate marketing, etc.? Or do I use the one I already have for each?
Hi Elizabeth, I am looking to open my business as an International Realtor. I would like to add my husband and son. Do you recommend an S-Corp, Partnership or LLC?
It really depends on too many factors, but I almost never recommend a partnership -- typically an LLC or corporation is the way to go. Check with your tax person to see what makes sense for that, and what deductions / benefits you want in the business.
So Arkansas does not have a state-wide general business license, but check with your city/town to see if they have one (go on their website). If you are selling products directly (not just amazon) then you'd need a sales tax license. You may need a permit/license for your particular business, like if you are selling alcohol
If it is the same legal entity, it can keep the same EIN, even if you change the name. You can just change the name with the IRS when you do your filing, or you can notify them - here's some info: www.irs.gov/businesses/business-name-change
Legal name is the legal name of the business. If a sole prop, then it is your name. If a partnership, the name of the partners. If a corporation or LLC, then the corporation or LLC name.
Hi again 🎉 can I or should I get my EIN number before I turn business into s corp? I just got approved for regular cooperation but now I know that I have to fill out a form to become an S Corp. So should I do that first before getting EIN & then opening up business checking account ? Thank you❣️
Yes if you are selling goods or taxable services, you need a sales tax permit in texas - doesn’t matter if you work from home. Here’s more info: comptroller.texas.gov/help/sales-tax-registration/requirements.php/
Hm if you want to stay a sole prop then you'd need to make sure you have adequate insurance, don't take on much debt, and have people sign contracts/waiver. Otherwise, get a single-member LLC
Hello Elizabeth! Thank you for the video! I just wanted clarification on one thing. I'm applying for a business license in the city of torrance and I am required to have a sales tax number, obtained from the state board of equalization. Just wanted to confirm that a sales tax number is the same thing as an EIN? Hope to hear from you!
Hm, a sales tax number is from the California state CDTFA (www.cdtfa.ca.gov/taxes-and-fees/sutprograms.htm) and the EIN is from the federal IRS. The BOE does property taxes and alcohol sales, so if you are selling alcohol maybe that's the tax number you need.
Hi, I used to live, and work in the US and got an SS#. Then I registered a company got the EIN and closed the company10 years ago and went back to my country. Now I want to register a new company (LLC) do I need to request a new EIN for the new company and do I need to put my SSN? Thanks.
Hey there Elizabeth. About a year ago I applied for a EIN number. I didn't even get my LLC yet. Jumping ahead and I put my business website name as the business name . Because I was thinking my website is my business. Which it is but the website is more of a brand which will be under my LLC. How can I change that with the IRS. Through form 8822B?
non resident can apply ein number without ssn and itin through mailing are you sure we can get ein and what is the process of mailing and how can find mailing address of irs for ein
Elizabeth thank you for making this video. I have a situation where I live in an apartment I'm starting a bookkeeping business that will be based online I'm not going to have clients in my home I'm not going to have no products however the city I live in says that I needed to have the property owners approved bowl on the application which is the home occupation permit. The apartment building property owner denied the application. How do I obtain a business license when I live in an apartment I can use the EIN number however for pro-advisor because I am doing a bookkeeping business requires you to have a business license am I looking for something that I really don't need to look for. Thank you in advance for whatever help you may
I've found that smaller towns/cities really care about landlords and how you use your property, while bigger cities just want to get paid the licensing fee. Some people have used a co-working place or even a virtual address and been successful in getting a business license using that address in a larger city, where they care less about zoning and more about tax revenue.
Hi Elizabeth, Thanks for taking the time to explain this. I registered my LLC and now need to go on to Step 2 which is an EIN. I will not have any employees and I am creating this to sell prints of my original art online as it turns out there is interest in what I create. I am not sure if I really needed to go through all of this, but it seems like a pretty straight-forward thing when getting an LLC, EIN and business checking. Do you think doing all of this might be overkill? I kind of just want to learn about it and at the same time I want to protect my family by completely separating this in the event that something went sideways on it.
Well having an LLC is the most straightforward way to protect you personally (and your family) from business liability. If you are very risk averse, it can be worth it for your peace of mind. It really depends on the person -- for some it is more important to save money, and for others it is more important to lower risk.
Hello! Thanks for the info provided on your channel! I recently obtained an LLC for my online Etsy business, and have obtained an EIN number with IRS. However, when the EIN number is correctly placed in ETSY, they inform me that my EIn number does not match my information. I've contacted IRS several times during the day, only to be informed by the automated system that they currently have a high call volume, to call back another day. Do you have any idea where the problem could be?
Hm I wonder if there is something that does not match up with what was submitted in the EIN application and what was submitted to Etsy, like the LLC name was spelled differently, the state of formation was different, the entity type was different, etc
@Elizabeth Potts Weinstein thanks for your response. I was finally able to get a hold of someone from IRS. They informed me that the EIN takes 30 days to reflect and that the verification form provided by them can be used as proof. Thanks for your help.
Hi, I have a question on the EIN. I obtained my EIN number but I didn't select I was going to sell online, how do I update that information or do I need to apply for another EIN to sell online?
I don't think the IRS expects anyone to update that but you can send them a letter, similar to changing your biz name www.irs.gov/businesses/business-name-change -- you only need a new EIN if it is a new business entity
Applied for an EIN online had them send me a confirmation letter in January 2021 5 months never got the letter or heard anything when I call no one answered the phone. It’s not that simple.
Sorry to hear you’re having difficulties! Yeah the mail is very slow and not dependable. When someone applies online the last screen has a PDF where you can download the letter. You might try again using that option (it may not work if you’re already in the system). Also make sure to use the number for business inquiries: Business and Specialty Tax Line and EIN Assignment (800-829-4933) Regular Hours of Operation Hours: M-F, 7:00 a.m. - 7:00 p.m.
If a non-profit is going to own a for-profit business, my understanding is that the for-profit business would need to be legally separate (its own entity and EIN). Here's an article about the rules of a non-profit owning a for-profit business: nonprofitlawblog.com/can-a-nonprofit-own-a-for-profit-can-a-for-profit-own-a-nonprofit/
No an EIN is a tax number from the federal government. The resale certificate is something you get from a state government (from the sales tax department)
What name should I put in the first line if I have a sole proprietor business with an FBN in California? Will it be my personal name or the business name?
Hi Elizabeth. I’m filing online for EIN. I will click “yes” for employees. One question asks what is the first date wages will be paid I plan on putting a date for sometime next year but my main question is, it asks “do you expect your employment tax liability to be 1,000 or less in a full calendar year?” What does that mean? Can you clarify?. Thank you!
When you pay an employee, you have to pay employment taxes on their wages to the IRS. The $1K/year is about whether you are so small you need to file certain forms annual instead of quarterly. If you end up using a payroll processor like Gusto they will handle doing those forms for you anyway.
@@ElizabethPW Thank you! I will start of small, maybe hire an employee or 2 in the future but right now it’ll be just me as an employee for my corporation but I will not start to work in couple of months or I might wait until the new year 2023. What do you think is my best selection for this question would it be “yes” Or “no” ? Thanks again!
Hi my dear Elizabeth. This is Mohammad Nazari, I am Afghan refugee that living in the San Diego CA . Unfortunately I have not green card because my Asylum case is in the pending. But I have work permit and social security. How Can I apply for LLC ?. None resident or resident. I confused . Please guide me , Your Sincerely Mohammad Nazari
Yes you can have an LLC (you don't need to even be a legal resident to have an LLC). If you want the LLC to be taxed as an S Corp, you just need to be legal resident as yes it is not just a green card. My understanding is that it should be fine, since you are legally allowed to work and have an SSN
Hi to dear Elizabeth, Thank you so so much 🙏 from your advice. For last time just I want to make sure that Can I get S Corp just with Social Security and work permit ? Or No because I have Not green card.
Hello, I get royalties from Merch by Amazon and I have a 30% withhold because my country (Argentina) doesn't have a tax treaty with the US. Would an EIN help to reduce that percentage?
I don't think just getting an EIN would help, but check out whether forming an entity like a corporation or LLC taxed as a corporation would make a difference (www.irs.gov/individuals/international-taxpayers/classification-of-taxpayers-for-us-tax-purposes) - you'd want to talk to a tax expert about it. Might just create other problems because of corporate taxes.
Hi - the EIN is attached to the *legal name* of your business, so you don't need the DBA/FBN finalized. You can just give them the legal name (if a sole prop, your name) and you also list the DBA in the EIN application, or you can tell them about the DBA later
@@ElizabethPW Hi, thanks for the reply. I have an S corp for my LCSW Therapy Practice. I am currently waiting for the county to approve my FBN. I was wondering if I can apply for EIN to get that going and then add the FBN after. If that is an option, how do I add the FBN later.
Here's the correct link to apply for an EIN online with the Internal Revenue Service (IRS): www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
I'm having a hard time figuring out if I should put my tax I'd on all states in the usa but I dont have a physical ware house or store just an online store please help out
Or euro and other country's
Can you start an online business if you have never paid taxes?
Sorry to be so off topic but does someone know of a way to log back into an instagram account?
I was stupid lost my password. I would love any help you can offer me!
LLc has a fee after filing. Does an ein have fees after? I live in California.
Great video, exactly what I was looking for. Clear, concise, informative. Thank you.
Glad it was helpful!
Your video was so helpful!! Thank you so much. I am a US citizen but now living abroad (with an SNN) hoping to start an Amz bus. so this really helped me . Thank you...! Crystal Clear!!!
Glad it was helpful!
I am so glad and thankful to have come across your channel. You're seriously the best. A little bummed comments are closed for some of the older videos where questions have come up. Nonetheless, I'm really thankful for people like you.
You're welcome! Yep it can be too hard to manage comments on very old videos.
Great info, and right to the point. I’m thankful I found you and your chancel. ✨✨✨
Great to hear!!
You are so great, i can listen to you all day! 💕 thank you for the informational video 🙏
You are so welcome
So basically, an EIN is for the IRS to collect federal taxes,
a Reseller's Certificate/Permit and an LLC is to collect state taxes,
and a business license is to collect local/city taxes?
oh and the DBA/FBN is for the county to collect fees bc they can?
Is this correct?
I ABSOLUTELY LOVE ❤️ your channel & style❤👍🏾🧘🏾♀️🧘🏾♀️🧘🏾♀️
💜💜💜
this is so helpul for people like me that dont know much about it. thank you...
You're welcome! Glad it was helpful
Super helpful! Subscribed and hope you keep making more videos
Thank you! Will do!
Thank you so much for making this easy to understand video. Very useful.
You’re welcome, glad it was useful!
So helpful, have a bless day 🙂
Glad it was helpful!
When filling out the form, under address do you put your registered agent address or your home address? I also have a virtual mailing address for my business. Do I use the virtual address or registered agent address as the address for the business or do I need to put my home address? Thanks.
In the EIN form, the IRS asks for your physical location address (if you work from home, that's your house) and your business/mailing address (in the form you check a box if you want mail sent to a different location - that's for your business mailing address). So the physical is your home and the mailing is your virtual.
Hi I am still wondering about this! When applying for an EIN, do I need to put my personal address or my virtual address for tax purposes and privacy as well. Please help and explain in detail 😭😭
thanks so much!!!!! You were very helpful!!!!! Just what I was looking for🤗🤗🤗🤗🤗Blessings!!!!!
Glad it was helpful, you're welcome!
it was a pleasure for us watching your video! it was really helpful
I'm glad it was helpful -- you're welcome!
Hello! Thankyou so much for all of the information you’re providing. A EIN is also needed to buy wholesale?
Probably, but what you really need is a reseller's certificate
Very informative. Thank you.
You are welcome!
hi i have created two EIN by mistake against one LLC is it easy to kill one EIN which is created by mistake?
Good, clear advice. Thanks
You're welcome, glad you found it helpful
@@ElizabethPW
I'm applying for mine today, and this was quite helpful. I feel confident. Your explanation of why I needed one as a sole employee of my LLC was great info to know.
@@ElizabethPW
Thanks a bunch. I just successfully got my EIN. Took me about 20 mintues, and was super easy after following your video. Much appreciated. 🙏
For some reason the IRS says I don’t qualify for an EIN. My business is registered in the state of Oregon.
Hi Elizabeth, nice videos really helpful. I need some help on some questions about EIN for a new business. How I can get help on that?
If you would like to schedule a Quick Call with me (15 min for $100) then here's a link epw.as.me/. If you want to talk to the IRS, here's the number for business tax questions: 800-829-4933
Thank you!
Welcome!
Loved the video! Do I need an EIN for selling ebooks? I’m almost ready to lunch the website and I’m double checking everything
Thanks! Assuming you are a sole proprietor (aka no partners, LLC, or corporation), you could use your personal SSN for tax stuff, or you can get an EIN.
Question what if you have 3 different online businesses different names do I need to apply 3 times ? For a E.I.N & is it ok to use your home address?
You'd have one EIN for the legal entity (a sole proprietorship if it is just you) and then you'd file three DBAs (or one application with three DBAs, there are different forms in different places). Yep you can use your home address.
@@ElizabethPW thank you
Hi Elizabeth, loving your videos so far! I was wondering if you could explain the difference between an EIN and a State tax ID (in California)? My business license application is asking for both, but I can't find information on what a State tax ID and if I need one.
Hm I'm thinking they mean the seller's permit for the state tax ID. Which you need if you are selling products that are subject to sales tax
Hi Elizabeth :) I came across your channel and find it super informative! I have a question. I am starting a business with my sister and was looking into a DBA. Can I do a DBA even though it would be a partnership? or do I need to go straight with an LLC? Also would I need an EIN? I would appreciate the help! :)
Forgot to mention, it would be an online business from home
Yes a partnership can own a DBA, so that can work. I do recommend thinking about an LLC when you have multiple owners, because you are each personally liable for each other's actions. Yep you'd want to get an EIN for the partnership.
@@ElizabethPW Thanks for the feedback! Appreciate it! :)
Wonderful information
Glad you think so!
Thank you.... I got it the EIN#😉
Great!
Dear Elizabeth. Thank you so much for sharing this. I hope you’ll answer my question. What if we have different business names (channels or blogs) when fill out Trade Name of Business?
If you have DBAs for the various business projects, then you would want to tell the IRS about it. You can list one in the form and then you could send a letter to the IRS to give them the other names (www.irs.gov/businesses/business-name-change ).
Hi Elizabeth, thanks so much for taking the time to create these clear and super informative videos. Realized you have answered this question a few different times in the comments below but want to make sure I am doing this right. 1. I am planning to have an online business as well as have a physical store down the road. For this year, I will be testing the concept with a pop-up store. So, what do I fill as the physical location of the LLC? Should this be my home address? I do have a registered agent - should I choose the registered agent as my mailing address? What's the benefit of doing so? 2. If I am not sure whether I will be hiring employees at this time, how do I fill this section out? I expect to have part-time help initially - should I assume that I will have one employee and also which tax form should I choose 941 or 944? 3. If I fill EIN with the information that's accurate now and things change (such as number of employees, location or the tax form I choose), do I need to go back and file a new EIN or how do I update this one? 4. Lastly, do you offer trademark registration services or point me in the direction of someone who can? Thanks!
1 - your RA might let you use that address as your "location" address, then you can get a PO Box or virtual mailbox for your mail. It can be good for privacy vs your home address being public. 2 - if you are not going to have employees right now, you can just do all that once you hire someone. I'd recommend using a service like Gusto.com to do those filings and handle payroll. 3 - You keep the same EIN and the IRS will be updated when you do your next filing. 4 - when I am open for new clients yes I have Trademark Packages (current fee is $1050) - you can email me elizabeth at elizabethpw.com if you are interested
@@ElizabethPW thank you! One additional follow-up. So it doesn't matter that the RA location is not where my office is located. Should I also be getting a phone number for the business by the same logic of keeping my information private? I am in the process of finalizing my logo so will reach out to on the trademark package in a bit.
So glad I found your page here! Thank you for your amazing videos. I have an ebay seller question, if you don't mind. Changed my personal ebay acct to biz a few years ago, got LLC and EIN. I just canceled the LLC (as I do not make enough $ to justify the CA $800 annual fee). I opened this LLC Dec. 29, '21 and filed cancelation today (12/23). I should not be liable for the $800 due to the special waiver, right? Also, ebay won't let me go back to a personal acct and I don't want to lose 20 years' worth of feedback, so I'm a sole proprietor on the site and they require an EIN (unlike etsy, where you get a choice of using SSN or EIN). I know I'll have to apply for a new one but do I have to file anything w/CA officially as a sole proprietor? Can I get an EIN as a Joe Schmoe ebay seller? THANK YOU!
The $800 waiver is just for the first year that you have the LLC. Yes you can get an EIN for a sole prop! You don't really file anything to get a sole prop unless you need a DBA for your seller's name, if it is not your own name (in CA that's with your County and is called a fictitious business name registration).
EIN is Federal and valid all USA 🇺🇸. Sales permit is State level. If you have 2 business in diferent states going to need 2 Sales permit one EIN.
Besides other permits at county level and city level. Good Luck.
Well some states don't have sales taxes, and generally I'd recommend a service like taxjar.com to manage the sales tax part if multi-state. But yes, just about every level of government has their own license or permit or tax filing.
Hi Elizabeth :). I am really amazed by your video. Very helpful! Just a few quick question. Can I apply for EIN right after I just applied for an S-Corp ? Or I have to wait until I received the email first ? 2. If I closed a business entity, how do I do with the left EIN?
Appreciate it!.
Best
Jacky
I usually wait for the documents to get accepted, just in case you have to change something (like if you have to adjust the name or something was not filed quite right). That way you don't have to also fix the EIN.
@@ElizabethPW Understood. Thx A lot!
Thank you for your useful videos. Could you please tell me what do I need to do after creation of my LLC beside EIN?
check out this video: ruclips.net/video/_T4MKgQ9R6Y/видео.html
I love your videos!!!....I m a free Lance Notary and a bartender and was wondering if you recommend I get a EIN ? I do not have a business entity established but I heard there is a lot of benefits to establishing one. I am definitely interested in opening a line of business credit but not really the entitity since there is yearly fees to doing so and I feel I currently do not make a significantamount of profit.....would you still recommend getting a EIN?
There really isn't a downside with having an EIN - it is helpful so you don't have to give out your personal SSN on forms and such. I don't think it will really help with business credit, because as long as you are a sole proprietor (not an LLC or corporation), it really is just your personal credit anyway.
I love your channel. If the company i want to do business with needs to do a background check on my business, will i need to provide my EIN number for the background check? Or do i provide my SS#?
Probably yes you'd provide your company EIN, if they are doing a check on the company. Of course they also might want to do a check on you, too
Thanks Elizabeth. What if you are a sole prop and have a current EIN. Would you need a new EIN if you become a single-member LLC? Much appreciation.
Yes the LLC would get its own EIN
@@ElizabethPW Okay, great. Much appreciation.😄
Thank you so much for this video! I'm worried about using my EIN when the tax forms instruct to use the "disregarded entity's" owner's TIN not the business's EIN. I'm the owner of a single member LLC, no employees, no excise tax; I only have the EIN to open a bank account for the business. Any help on this I would appreciate!
In the online EIN application, you enter your ITIN/SSN as the responsible party, so the IRS knows what human person to contact about tax stuff. Sometimes you also have to give your ITIN/SSN when getting a business license, for the same reason.
Okay so I registered for my EIN and put my own personal address since I work from home, but when I went to register for my LLC I did some research and got a virtual address for the LLC. Do I need to change the EIN address to the virtual address to match my LLC or is it okay being my own personal address? I am not sure if they need to be the same. Thank you!
It’s okay with it not matching - the IRS just needs to know how to contact you. The next time you file something with the IRS, you can change the address if you want.
I wonder if the IRS let's you use the 'virtual mailbox street address' on the EIN form....im going ti be working at home and going to sell on Amazon, Etsy, Ebay. Hearing horror stories registering a new Amazon pro seller account.... people accounts being shut down during registration with little way to appeal because addresses don't match and you can't reason with an algorythm......
Hi Elizabeth, thank you for your information, it's so helpful! May I ask how should I avoid risks if I use my SSN to apply for an EIN for someone else?
I wouldn’t use my ssn for someone else, bc then it’s saying you’re the tax responsible person. Unless you’re going to be handling their tax stuff, like you’re an accountant
@@ElizabethPW Thank you.👍👍
Hello Elizabeth! I've been watching your videos! Thanks for helping! I applied for my LLC and EIN via Northwest (per your video recommendation - thanks!), but per Northwest, EIN requires further review from IRS (after submitting IRS Form SS-4), so I'm wondering...should wait for IRS EIN approval before starting my DBA? I'm planning to set up multiple DBAs under my LLC with one EIN. Thanks again for everything!
Hm check out the DBA applications and see if you are required to include your LLC's EIN (I don't think so, but somewhere could use that as an ID number). Otherwise, yes you can get the DBA process rolling while you wait for the EIN to come in.
@@ElizabethPW Thank you so much!!
Love your channel. If I am setting up multiple DBAs under an LLC, do I need to get multiple EINs (for each DBA) or would I just use the one EIN (under the LLC)? Thank you.
Just one EIN for the LLC
Do you have a video explaining the other paperwork that will be sent if you mark that you have one employee?
No, but I'll add that to the list!
Dear I have singel members llc
Which tax entity are good for me
Between disregarded entity vs corporation 1120?
I am non usa citizen
Plz get help
I recommend you speak with a tax preparer or CPA about which tax status would be the best fit for your business. It depends on the type of business, how much money you are making, your connections with the U.S., and your general personal financial status.
Thank you for your helpful video! If there is another board director but they are not an employee - do they still get marked on the EIN application as an employee or is there another way that needs to be reported? Thanks so much for your help!
Typically the directors will be listed on the corporation's statement of information or other annual report - it doesn't really get reported to the IRS on the EIN.
from morroco thank you
Welcome!
@@ElizabethPW Thank you
I file an ein at irs ein but i didnt get a chnacs to download my ss4 form how do i retieve that and keep it for my records because i clicked on get letter of confirmation how do i get a copy of my ss4 form from irs
call them -
Business and specialty tax line and EIN assignment (800-829-4933)
Regular hours of operation
Hours: M-F, 7 a.m. - 7 p.m. taxpayer local time; Alaska & Hawaii follow Pacific time
@@ElizabethPW thank you 😊
Hi Elizabeth! Great video:) I have a few questions. I'm starting a new online business (retail) as a sole proprietor. I've named my business and will purchase the domain, email address, and register the name with the state (so no one can use it in the future). Am I putting that non-LLC business name in the Legal name portion of the EIN form? Also, can I use a virtual address or UPS Store for my online business based out of my home? Will it still be considered an online home-based business? I want to get business credit in the future and open a business bank account after applying for my EIN that is why I'm asking. Thank you!
When you fill out the EIN application for a sole proprietorship that has a DBA, then your use your name as the legal name of the business, and put in the DBA in the IRS EIN form. On the IRS form you can also use both a mailing address (like a UPS store) and an actual location (your home address). Most government forms will have a space for both mailing and physical addresses.
@@ElizabethPW Thank you so much. This has cleared up a lot for me. Continue to stay safe, healthy, and blessed. Happy Holidays!
Do you get an EIN for each business type you start? I am thinking about a sole proprietor, one for massage and another for a farm? What happens if you previously had an EIN for a business that you never really used?
No the EIN you have for a sole prop applies to any business you have (unless you form another entity like llc/corporation). You may be able to call the IRS and get that old EIN from them. 800-829-4933
Do you need to get a LLC before getting a EIN for a small online business??
If you want an LLC, yes you get the LLC first and then the EIN
Hi Elizabeth ..having a dba can I pay for taxes quarterly or that’s only for LLC’s?
Yes you can pay taxes quarterly, in quarterly deposits
Love your videos, thank you. So I am confused about the line: Legal Name and then Trade Name. I want to start with a DBA for my online business. In the line legal name is it my name and then Trade Name, the name I choose for my business? Also. should I get an EIN first or my business license first from the city I live in?
Yes that's right -- the legal name is your name, and the trade name is the name you are using for your business. Probably get the EIN before the business license because you may need to enter the EIN on the business license form.
Hi, When Applying online. When I reach Legal name of LLC (must match articles of organization, if filed). my LLC name is say ABC Travels, LLC. but online application wont let me file as ABC Travels, LLC (becuase of comma). What do I do here
You just leave out the comma -- it is a common problem because the IRS forms are so restrictive
Thanks you so much I want to apply for it but the problem is social security number because I don't have am from Nigeria
That's a good question - you can get an ITIN (individual taxpayer number) even if you are outside the USA. Here's some info from the IRS: www.irs.gov/individuals/how-do-i-apply-for-an-itin - it might be hard to do during covid-19 - you can google search for companies that help with it.
@@ElizabethPW ok let me try this
Hello from Texas, and thank you for the video, I want to start an online business but I only have a DBA, would I need an EIN? If so, I'm confused as to what option to choose on the application as to legal structure, since there is no option for DBA. Thank you
If you have a sole proprietorship with a DBA (and no employees), you can just use your social security number. Or you can get an EIN if you want.
Hello, I created an LLC with Registered Agent's address for both mailing and physical addresses. Applied for EIN with the same addresses. I will be getting a virtual address. Do I change both mailing & physical addresses in LLC and EIN with this new virtual address? or just the physical address.
The virtual address cannot be listed as the physical address location or the RA. But yes for the mailing address.
hey Elizabeth, me and my partner are starting a business in Florida we want to know, when filling as a 2 person business do we both need to give our SSN or just the one doing the forms for the EIN? thanks for the Videos Have A Great Day :)
Hi Amit - for a two person business (a partnership), only one person will need to submit their SSN in the EIN application - that person is the "tax matters partner" for the business. Note: if you take another step and file to have the partnership taxed as an S Corporation, both owners will need to give their SSN as part of the S-Corp filing with the IRS.
Hi Elizabeth, I currently have an EIN for my existing business. I am starting a second business and plan on applying for EIN via IRS online. When filing out the application online for EIN should I use my SS#, or the EIN from my existing business? Thank you.
Well if your second business is owned by the first (like if they are both corporations and the second is a subsidiary of the first) then you might use the EIN of the first. But if you are the direct owner and person in charge of tax communications, then you'd use your SSN.
Hey Elizabeth! Thank you for this video! Huge help! Question, I have already started a Poker Vlogging Channel and want to start creating merch to sell. Is that merchandise taxed? Do I need to report sales at the EOY? Would a Tax ID be ideal for me here in my situation. I have no employees, just me.
The merch would be subject to state sales tax (depending upon the state of the purchaser) and you'd pay income tax on any profits on sales. Some merch shopping cart systems will handle the sales tax for you -- you need to research the system you are using. Yep you'd file it as part of your taxes (if a sole proprietorship, on your Schedule C). Getting an EIN can be a good idea but is not required.
@@ElizabethPW appreciate the feedback!
Hi Elizabeth, great video! I have a question, when applying EIN, in the details part its asking for trade name/DBA , what if my shop name is different from LLC name. Can I just put my "trade/shop name" even if i don't have DBA. Or do I need to file or have a registered DBA to put. Thank you.
You can put the name before you have the DBA finalized ... especially since it can take so long to get the DBA.
@@ElizabethPW how about with regards to the W-2 filing I am the only owner but I put myself and my husband as a manager? I did put him if i just be needing help not really an employee getting salary over our business. Should I click yes or no?
@@ElizabethPW thank you so much
You can start out as no if you’re not doing that yet, and then start doing it later
do you know how to apply for RMO for construction biz in CA
no sorry I don't
HI Elizabeth, as a startup e-commerce sale and resell of products on a e-commerce platform which selection : single member or multiple member would be best to optimize tax deductions ? Currently it is myself and plan to add employees as profit increases. Thank you
If you are the only owner (for now), then it would be a single member. You can change it later if you have more owners
Thank you so much for your videos! Can you help me to understand Lines 11, 12, and 15? I am just starting with a Sole Proprietorship with no employees. So far I have obtained my DBA only and was unsure of what to put on those lines. Thank you in Advance for your help!
On the SS-4 form, line 11 is when you started the business (so if you are starting it now, would be Jan 2023). Line 12 is the last month of your "accounting year" -- that is usually December, if you are doing your bookkeeping using a calendar year of Jan to Dec. Line 15 is about when wages were first paid -- if you have not paid wages, then you don't put anything there.
Thank you so much! I appreciate your help!
@@ElizabethPW Thank you so much!
@@ElizabethPW Good afternoon ; Also on Line 14 should you choose to do your taxes quarterly or annually especially in starting out?
Hello, great video so I have a question so first we need to apply for a sole proprietor or llc before we get ien ? I just launched my online business and buy from vendors I’m not sure if I need a sole proprietor or llc and Ein? I’m not making a lot of money yet so I’m not sure
Here's a video I did about the LLC vs sole proprietorship decision: ruclips.net/video/5ClAJYWTLRA/видео.html. But yes you need to decide that first before the EIN -- because an EIN is for the legal entity (either an LLC or a sole prop).
Thank you for the great content. Your were a great help! I still have a question I want to be sure about. I’m not a US citizen or resident. I won’t be hiring employees in the US and at the moment I don’t have any need for an American business bank account as I won’t be selling directly to Americans. Is it possible and Legal for me to register the company in the US and not apply for the EIN. Can I operate my company with formation certificate only? Do I have to file anything yearly? Thank you in advance.
I'm not sure why a business would register in the USA if they don't have any customers or clients here. If someone forms an LLC or Corporation in the USA, then it would need to get an EIN and file annual tax returns.
@@ElizabethPW I understand that. But would I be able to use my company without EIN? Like I said I don’t need it for any of the necessary things it is used for.
If you formed a Corporation in the USA, it would need to file tax forms even if the forms said zero dollars were earned. To file the tax forms, you'd need an EIN. If you filed an LLC that was taxes as a sole proprietorship or partnership, and it earned zero dollars, it might not need to file any federal taxes, but some states (like California) would still require an annual tax return (so you'd need a tax id).
Hello, I had a question, for the EIN does my legal name include exactly what I filed with bizfile- I am finding that my whole name is not fitting in the online from which is Selena Briana Bueno, Licensed Clinical Social Worker A professional corporation. Can any of this be abbreviated? or do I have to file on paper?? Thank you much
Hm the directions www.irs.gov/businesses/small-businesses-self-employed/online-ein-frequently-asked-questions talk about long addresses and symbols but not long names. If it was me, I would use an abbreviation for the last parts, like "LCSW a Prof Corp" - make sure to include "corp" so the IRS knows that it is correctly labeled as a corporation.
Loved your videos! If I obtain a EIN for my LLC and later decide to obtain a DBA, will I need to obtain a new EIN?
Hi Mauro - no, you won't need a new one just for a DBA. The EIN is for your *legal* entity (LLC) not for the trade name of the business (DBA). You could have multiple DBAs under one LLC, and you'd just need that one EIN.
@@ElizabethPW Newly inducted sole proprietor here (just started at revenue $0), on the subject of multiple DBAs, if I set up shop on POD sites with multiple brand names, like say 4 various brands, that is under the umbrella of (LLC), do I put all 4 DBAs on line number 2 of the EIN form?...also do I need to establish two LLCs, one for DBA POD sites (mentioned above), and one for my online teaching as myself on an online teaching platform? or can I just DBA as myself under the same umbrella LLC. Thanks so much for your help ~ Grace
@@Grace-dg6qj - you can put all the DBAs under the same umbrella LLC, to start. Sometimes we split the business up into multiple LLCs to keep the liability separate (anything under the same LLC is liable to each other thing), if one business is especially risky for lawsuits or debt. But maintaining many LLCs is expensive for a tiny business. For the EIN, that's for the legal entity and the IRS is not really particular about you listing all the DBAs - you can list them but if you add more or change one, the IRS doesn't care much - they are focused on the legal entity (the LLC).
Hello. Nice Video. So, just to be clear. An EIN for Sole Proprietor is the same as your personal SSN and can effect your credit. But, a EIN for LLC or Inc is seperate from your SSN and don't effect your personal credit. Am i on the right track?
A sole proprietorship is the same as you personally, so yes any debts effect your personal credit. Any debts of the LLC do not have an effect on your personal credit, UNLESS you co-sign for the debt (common requirement with SBA loans, credit cards, and leases when a business is brand new). Whether or not you have an EIN isn't relevant to your credit.
If I decide to wait a few months after starting my business to get an LLC, would I need to At least have an EIN number for opening a business bank account and such?
Right if you start without the LLC, you are starting with a sole proprietorship. You can use your own name and SSN to open the business bank account or you can get an EIN for your sole prop business. (You'll probably need a new/different bank account when you get the LLC -- most banks have different types of accounts for sole props vs LLCs.)
Do I need 2 eins if my 2 company’s have different names, I have a shirt business & I do machine repairs on the other.
As long as they are the same legal entity, you use one EIN. Like if you have one sole proprietorship business (with two DBAs), that's one EIN.
I am self employed only and in entertainment. I want to put film on Amazon and need a business account. Do you recommend LLC or just EIN? Also LLC must be done before EIN number correct? I am watching all your videos learning a lot. Thank you!
You can just do an EIN (depends on your tolerance for risk and your budget) - yes if you get an llc, it would be before the EIN.
@@ElizabethPW Thank you! Sharing your channel with family
My daughter went out on her own as a Hair Stylist last year due to Covid and has a W2 for 10 months and was on her own for Nov and Dec. She did get an EIN, but can she still just do one tax return and include the income from her self employment this year? She'll likely do a bunisess return for 2021
If she was an independent contractor / sole proprietor for Nov/Dec, then that isn't a separate tax return. That business information just goes on a different "schedule" on her 1040 (a Schedule C) -- you can still use most tax prep software/companies for that.
Informative video. I have a question regarding name which you mentioned - do you have to use the name on social security which is the full birth name, but all my other documents (tax returns, passports, etc.) all have my nickname which is what I go by, do I still have o use he SSN name? I really don't like to be referred by that name (think Betty/Elizabeth-so it is quite different not like Rob/Robert). Thanks
I have found that you must use your social security name when you apply for an EIN online, because the system contacts the SSN database to check that the number and name match up. You might be able to do it that way by mail, but it takes a long time and I wouldn't count on it.
@@ElizabethPW Thank you for your reply. Keep up the good work.
Very helpful information thank you.
I have a question I live here in California and I sell in a flea market (swapmeet) do need to get a EIN #. I have a seller permit. Soory for the stupid question I just started selling in October. Thank you
Yep get an EIN for your business - it will be better to use that on the various forms than your personal social security number or ITIN. Really since getting an EIN doesn't cost money and you can do it online, there's no reason not to.
Do I need an EIN for each affiliate program I sign up with that require it, e.g. amazon affiliate, shopify, tok tok affiliate marketing, etc.? Or do I use the one I already have for each?
You would just use the same EIN (the one you have for your business)
@@ElizabethPW Ok, thank you so much.
Hi Elizabeth, I am looking to open my business as an International Realtor. I would like to add my husband and son. Do you recommend an S-Corp, Partnership or LLC?
It really depends on too many factors, but I almost never recommend a partnership -- typically an LLC or corporation is the way to go. Check with your tax person to see what makes sense for that, and what deductions / benefits you want in the business.
Hi, what are the licenses i need if im selling in Amazon. I life in Arkansas. I already filed for LLC
So Arkansas does not have a state-wide general business license, but check with your city/town to see if they have one (go on their website). If you are selling products directly (not just amazon) then you'd need a sales tax license. You may need a permit/license for your particular business, like if you are selling alcohol
What if you’ve changed your business name, and you already had an EIN, would you need another; And would you still have to contact the IRS
If it is the same legal entity, it can keep the same EIN, even if you change the name. You can just change the name with the IRS when you do your filing, or you can notify them - here's some info: www.irs.gov/businesses/business-name-change
Thank you for your response, totally appreciate it!
When it says legal name does that mean the name already has to be trademarked or is it just asking you to pick one
Legal name is the legal name of the business. If a sole prop, then it is your name. If a partnership, the name of the partners. If a corporation or LLC, then the corporation or LLC name.
Hi again 🎉 can I or should I get my EIN number before I turn business into s corp? I just got approved for regular cooperation but now I know that I have to fill out a form to become an S Corp. So should I do that first before getting EIN & then opening up business checking account ?
Thank you❣️
Yes get the EIN for the corporation, and then fill out the S Corp paperwork
Hello! After registering at the county clerk office would I need fill out a Texas sales tax permit? If operating from home and just selling locally?
Yes if you are selling goods or taxable services, you need a sales tax permit in texas - doesn’t matter if you work from home. Here’s more info: comptroller.texas.gov/help/sales-tax-registration/requirements.php/
so I am I a sole proprietor or a single member if I just own a small custom furniture business out of my home?
Hm if you want to stay a sole prop then you'd need to make sure you have adequate insurance, don't take on much debt, and have people sign contracts/waiver. Otherwise, get a single-member LLC
Hello Elizabeth! Thank you for the video! I just wanted clarification on one thing. I'm applying for a business license in the city of torrance and I am required to have a sales tax number, obtained from the state board of equalization. Just wanted to confirm that a sales tax number is the same thing as an EIN? Hope to hear from you!
Hm, a sales tax number is from the California state CDTFA (www.cdtfa.ca.gov/taxes-and-fees/sutprograms.htm) and the EIN is from the federal IRS. The BOE does property taxes and alcohol sales, so if you are selling alcohol maybe that's the tax number you need.
@@ElizabethPW ahh so the sales tax and ein are separate entities! thank you for the clarification!
Hi, I used to live, and work in the US and got an SS#. Then I registered a company got the EIN and closed the company10 years ago and went back to my country. Now I want to register a new company (LLC) do I need to request a new EIN for the new company and do I need to put my SSN? Thanks.
The LLC will have its own (new) EIN. But yes you will need to use your SSN when filing the EIN application.
Hey there Elizabeth. About a year ago I applied for a EIN number. I didn't even get my LLC yet. Jumping ahead and I put my business website name as the business name . Because I was thinking my website is my business. Which it is but the website is more of a brand which will be under my LLC. How can I change that with the IRS. Through form 8822B?
If you got an EIN for your business as a sole proprietorship then the LLC will need a new EIN
@@ElizabethPW Ok Thank You
non resident can apply ein number without ssn and itin through mailing are you sure we can get ein
and what is the process of mailing and how can find mailing address of irs for ein
I recommend using this company to help with the ITIN freedomtaxaccounting.com/services/itin-number-applications/
Elizabeth thank you for making this video. I have a situation where I live in an apartment I'm starting a bookkeeping business that will be based online I'm not going to have clients in my home I'm not going to have no products however the city I live in says that I needed to have the property owners approved bowl on the application which is the home occupation permit. The apartment building property owner denied the application. How do I obtain a business license when I live in an apartment I can use the EIN number however for pro-advisor because I am doing a bookkeeping business requires you to have a business license am I looking for something that I really don't need to look for. Thank you in advance for whatever help you may
I've found that smaller towns/cities really care about landlords and how you use your property, while bigger cities just want to get paid the licensing fee. Some people have used a co-working place or even a virtual address and been successful in getting a business license using that address in a larger city, where they care less about zoning and more about tax revenue.
Ok. Thanks
Hi Elizabeth, Thanks for taking the time to explain this. I registered my LLC and now need to go on to Step 2 which is an EIN. I will not have any employees and I am creating this to sell prints of my original art online as it turns out there is interest in what I create. I am not sure if I really needed to go through all of this, but it seems like a pretty straight-forward thing when getting an LLC, EIN and business checking. Do you think doing all of this might be overkill? I kind of just want to learn about it and at the same time I want to protect my family by completely separating this in the event that something went sideways on it.
Well having an LLC is the most straightforward way to protect you personally (and your family) from business liability. If you are very risk averse, it can be worth it for your peace of mind. It really depends on the person -- for some it is more important to save money, and for others it is more important to lower risk.
Hello! Thanks for the info provided on your channel! I recently obtained an LLC for my online Etsy business, and have obtained an EIN number with IRS. However, when the EIN number is correctly placed in ETSY, they inform me that my EIn number does not match my information. I've contacted IRS several times during the day, only to be informed by the automated system that they currently have a high call volume, to call back another day. Do you have any idea where the problem could be?
Hm I wonder if there is something that does not match up with what was submitted in the EIN application and what was submitted to Etsy, like the LLC name was spelled differently, the state of formation was different, the entity type was different, etc
@Elizabeth Potts Weinstein thanks for your response. I was finally able to get a hold of someone from IRS. They informed me that the EIN takes 30 days to reflect and that the verification form provided by them can be used as proof. Thanks for your help.
do you need to have an EIN for every business you own or will one EIN blanket every business?
Good question, I talk about that here: ruclips.net/video/Wks9rVQlGkE/видео.html
@@ElizabethPW again, thank you!
Hi, I have a question on the EIN. I obtained my EIN number but I didn't select I was going to sell online, how do I update that information or do I need to apply for another EIN to sell online?
I don't think the IRS expects anyone to update that but you can send them a letter, similar to changing your biz name www.irs.gov/businesses/business-name-change -- you only need a new EIN if it is a new business entity
@ElizabethPW Thank you, Elizabeth
If I work from home and have a virtual office what address do I put on the application for the EIN
In the EIN it has a space for mailing address (that's the virtual office) and location address (that's the home)
@@ElizabethPW ty
Applied for an EIN online had them send me a confirmation letter in January 2021 5 months never got the letter or heard anything when I call no one answered the phone. It’s not that simple.
Sorry to hear you’re having difficulties! Yeah the mail is very slow and not dependable. When someone applies online the last screen has a PDF where you can download the letter. You might try again using that option (it may not work if you’re already in the system). Also make sure to use the number for business inquiries:
Business and Specialty Tax Line and EIN Assignment (800-829-4933)
Regular Hours of Operation
Hours: M-F, 7:00 a.m. - 7:00 p.m.
Hi Elizabeth, I have a question. Can a non-profit such as a church have a small business and use the EIN that they already have?
If a non-profit is going to own a for-profit business, my understanding is that the for-profit business would need to be legally separate (its own entity and EIN). Here's an article about the rules of a non-profit owning a for-profit business: nonprofitlawblog.com/can-a-nonprofit-own-a-for-profit-can-a-for-profit-own-a-nonprofit/
I live in NY and want to sell on amazon. Is EIN same as resale certificate? Can i get tax exmept with an EIN
No an EIN is a tax number from the federal government. The resale certificate is something you get from a state government (from the sales tax department)
What name should I put in the first line if I have a sole proprietor business with an FBN in California? Will it be my personal name or the business name?
For the EIN of a sole proprietorship business with an FBN, the name is your personal legal name, and then later it asks for the FBN/DBA.
Hi Elizabeth. I’m filing online for EIN. I will click “yes” for employees. One question asks what is the first date wages will be paid I plan on putting a date for sometime next year but my main question is, it asks “do you expect your employment tax liability to be 1,000 or less in a full calendar year?” What does that mean? Can you clarify?. Thank you!
When you pay an employee, you have to pay employment taxes on their wages to the IRS. The $1K/year is about whether you are so small you need to file certain forms annual instead of quarterly. If you end up using a payroll processor like Gusto they will handle doing those forms for you anyway.
@@ElizabethPW Thank you! I will start of small, maybe hire an employee or 2 in the future but right now it’ll be just me as an employee for my corporation but I will not start to work in couple of months or I might wait until the new year 2023. What do you think is my best selection for this question would it be “yes”
Or “no” ? Thanks again!
Well when I have a client who doesn't know if/when they will start, we click "no" and then they can always start with employees later
@@ElizabethPW thank you !
Hi my dear Elizabeth.
This is Mohammad Nazari, I am Afghan refugee that living in the San Diego CA . Unfortunately I have not green card because my Asylum case is in the pending. But I have work permit and social security.
How Can I apply for LLC ?. None resident or resident. I confused . Please guide me ,
Your Sincerely
Mohammad Nazari
Yes you can have an LLC (you don't need to even be a legal resident to have an LLC). If you want the LLC to be taxed as an S Corp, you just need to be legal resident as yes it is not just a green card. My understanding is that it should be fine, since you are legally allowed to work and have an SSN
Hi to dear Elizabeth, Thank you so so much 🙏 from your advice.
For last time just I want to make sure that Can I get S Corp just with Social Security and work permit ? Or No because I have Not green card.
Hello, I get royalties from Merch by Amazon and I have a 30% withhold because my country (Argentina) doesn't have a tax treaty with the US. Would an EIN help to reduce that percentage?
I don't think just getting an EIN would help, but check out whether forming an entity like a corporation or LLC taxed as a corporation would make a difference (www.irs.gov/individuals/international-taxpayers/classification-of-taxpayers-for-us-tax-purposes) - you'd want to talk to a tax expert about it. Might just create other problems because of corporate taxes.
Hello Elizabeth, Do I need for my FBN/DBA to be approved first before completing the EIN forms online??
*to wait
Hi - the EIN is attached to the *legal name* of your business, so you don't need the DBA/FBN finalized. You can just give them the legal name (if a sole prop, your name) and you also list the DBA in the EIN application, or you can tell them about the DBA later
@@ElizabethPW Hi, thanks for the reply. I have an S corp for my LCSW Therapy Practice. I am currently waiting for the county to approve my FBN. I was wondering if I can apply for EIN to get that going and then add the FBN after. If that is an option, how do I add the FBN later.
You can just write them a letter, it talks about that here www.irs.gov/businesses/business-name-change