You may have heard a few things about needing a federal tax ID number for your business, but it can be confusing to understand at times. If you’ve ever wondered if you need an EIN or how you can become eligible for one, you’re not alone. Here’s all you need to know to apply for an EIN.
The first step to receiving an EIN for your organization is determining your eligibility. You’re eligible if:
- You have a legal residence, principal office, or principal place of business in the U.S. or its territories to get an EIN.
- You are an authorized party for the entity for which you’re applying.
- You have a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
As long as you meet these essential requirements, you’ll be able to apply for a Virginia EIN at IRS-EIN-Tax-ID.com.
When You Need to Get an EIN
However, you may be confused as to whether the IRS requires you to have an EIN. You need an EIN for your business if:
- You have employees
- Your organization is a partnership or corporation
- Your LLC is taxed as a corporation or partnership
- Your company has a Keogh plan
- You are involved with estates, trusts, nonprofits, plan administrators, or farmers’ cooperatives.
- You plan to open a business bank account
- You want to apply for a business credit card
If any of these facts apply to your business, the IRS requires you to get an EIN for tax purposes.
Getting a Tax ID Number
If you’ve figured out you need an EIN, don’t stress out. The process for obtaining a federal tax ID number is simple. All you need to do is fill out a simple form online. However, if you have any questions about the EIN application process, you can always contact the helpful customer service team at IRS EIN Tax ID Filing Service.