Why you need a tax ID number and how to get one
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- Опубліковано 12 кві 2020
- In this episode of The Shontavia Show, host Shontavia Johnson talks about why you need a tax ID number from the IRS and how to get one. This won't be the most riveting topic, but it's definitely required listening if you're starting a new business. The last place you want to be is in trouble with the IRS!
Check out this episode and decide whether getting a tax ID number is the right next step for you.
// Show Highlights
01:24 Why you probably need a tax ID number - thoughts from my conversation with a business law expert
05:14 How to determine when the law requires you to get a tax ID number
06:22 The benefits of having a tax ID number, even if the law doesn't require it
10:32 How to get a tax ID number (it's free and you can probably do it yourself!)
// Want more?
Find Shontavia Johnson at www.shontavia.com
Sign up for Shontavia's #MakeItHappenMonday Newsletter at www.makeithappennewsletter.com/ #MakeItHappen
// Show Notes
Choosing a Business Structure: shontavia.com/choosing-a-corp...
How to get a tax ID number for your business: shontavia.com/tax-id-numbers-...
How and Why to Avoid Commingling Personal and Business Funds: blogs.findlaw.com/free_enterp...
Do You Need an EIN?: www.irs.gov/businesses/small-...
Apply for your Tax ID number/EIN online: sa.www4.irs.gov/modiein/indiv...
Paper Application for Employer Identification Number (Form SS-4): www.irs.gov/pub/irs-pdf/fss4.pdf
// About the Show
The Shontavia Show is a conversational business and entrepreneurship podcast that tackles the most common questions about starting, operating and growing a business and personal brand. This show is for people who want to start a business or build a personal brand but don't know where to begin. Shontavia's growing community attracts creators, side-hustlers, and entrepreneurs.
Before being twice-named one of the top young lawyers in America, host Shontavia Johnson quit her six-figure law firm job, cut all of her hair off, and traveled to South Africa to find inspiration and pursue her dreams. After coming back to the U.S., Shontavia began teaching, writing and advising others on issues related to law, entrepreneurship and tech.
Today, Shontavia's company, LVRG (pronounced "leverage") helps people build dynamic personal brands and successful businesses from ground zero. On the Shontavia Show, you'll learn practical tips, hear candid conversations, and get motivated to build the brand, business and life you love. New episodes are released every Monday and Thursday. Learn more at shontavia.com
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The Shontavia Show drops a new video every Monday (full episode) & Thursday (#ThursdayThoughts Q&A) morning. Please leave a comment or suggestion about what you'd like to see in the future. In addition, please subscribe to the channel so you never miss an episode. FInd a show summary, show notes, and a full transcript of this episode at shontavia.com/episode21.
Thanks for your knowledge and information ❤
Very happy to share it. I appreciate the kind words.
A TIN they say is different from EIN.
Thanks
you're welcome!
Is the federal ein the same as the tax id?
TO sell on Walmart they want a tax ID even though I have an LLC and an EIN. this is holding me back because I need one.
I can't find my llc # what do I need to do
Hello i have a question my friends and i have a small group about 10 -15-people we are senior citizens we save a little money during the year so that we can take a trip every now and than what kind of tax number do we need to open a small account cause we don't want to put it under our social security number all of us are on a fixed income i appreciate and advise that you can offer
A tax ID number may not be right for your group--these are solely for business purposes. You may work out better just going to a local bank, telling them your goals, and asking what options might be available.
I'm only 17 and im trying to go into affiliate marketing through ClickBank. During the sign up process they asked for a Tax ID number. When starting the process of creating my tax number, what entity type should I coose?
f you've registered or incorporated, you choose that type. If you haven't, you may be considered a sole proprietors. The IRS website explains when a sole proprietor needs an EIN: www.irs.gov/faqs/small-business-self-employed-other-business/form-ss-4-and-employer-identification-number-ein/form-ss-4-employer-identification-number-ein-1
Is tax id free?
What government website do we need to go too
www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
ill support y lady
thank you!