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Tax ID Numbers
Numbers are everything in business. For new business owners, the taxpayer identification numbers the IRS uses to process your returns are very important.
The two most common kinds of taxpayer identification numbers are:
Social Security Number (SSN)
- Found in the format of 123-45-6789
- Issued to individuals
- If you have employees, you must have record of their SSN.
Federal Employer Identification Number (FEIN)
- Found in the format 12-3456789
- Issued to individuals (sole proprietors), partnerships, corporations, and other entities
- You must include your taxpayer identification number (SSN or FEIN) on all returns and other documents you send to the IRS
- You must also furnish your number to others who need to identify you on any returns or documents they send to the IRS. If you do not furnish your identification number as required, you may be subject to penalties.
Employer Identification Number (EIN)
- Found in various formats
- Issued to individuals (sole proprietors), partnerships, corporations, and other entities
- This number is assigned by state agencies. It is possible to be assigned an ID for State Income Tax and a separate ID for State Unemployment Tax
- If you make payments to someone who is not your employee, and you must report the payments on an information return, get that person's SSN. If you make reportable payments to an organization, such as a corporation or partnership, you must get its EIN.
To get the payee's SSN or EIN, use Form W-9 found on www.irs.gov
To request for Taxpayer Identification Number and Certification – go to: www.irs.gov
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