Employer Identification Number (EIN) is a nine-digit number issued by the Internal Revenue Service (IRS), an agency responsible for collecting taxes and enforcing tax laws in the United States. The IRS uses these EIN numbers to track any financial transactions that businesses, partnerships, trusts, estates and individuals carry out for the purposes of collecting taxes. You cannot run a business in the US without this number. If you are having problems applying for it, here are five simple tips that can make the application process easier for you.
1. Choose One Mode of Application
There are various methods you can use to apply for the EIN. You can apply online, via email, by a phone call, by fax or just fill out a hard copy and present it to the relevant offices. It is important that you only submit your application once. Submitting the application using more than one method won’t make it faster, it will just cost you more due to duplication. That’s because you may be required to repeat the process all over again, wasting more time.
2. Identify the Fastest Possible Method
The time required to finish the application process varies from one mode to another. Using fax will take you about four days. Using email will take about four weeks, while applying online can be just a matter of a few hours. If you are working within a set time period, then it would be better to apply by using a website. Check one out at federal-ein-application.com/irsein/ss4-online/ and fill out the form; it is an easy process.
3. Ensure You Have All Your Details and Documents Ready
Have all your documents and details ready before you settle down to fill out the application. If you are filling out the application via phone or online, it is paramount that you have all the required information, such as the type of business, business name, name of the owners or members and location, among other information. You will not have an opportunity to save your data to continue at a later date. This means that if you do not have the required data, then you will be forced to start the process all over again.
4. Strictly Follow the Instructions
The application process is designed in such a way that you follow a step-by-step process to ensure that you enter everything required correctly. You are also allowed to check the definitions of terms in case you want to clarify any information. The process is simplified in such a way that it allows you to only enter the information that you are sure about. Take your time to ensure that you do not enter any incorrect data.
5. Go Through Your Application
When you are finally through with filling out the application, take some time to go over your form to verify that all the information you have entered is correct to the best of your knowledge. Check also to ensure that you have not left any place that requires filling empty. Check your contact details and all other relevant information. When you are content with the application, you can then submit to the relevant authorities and wait for their feedback.
Source: New feed