Step-by-Step Guide- How to Easily File for an FEIN Number for Your Business
How to File for an FEIN Number: A Step-by-Step Guide
Starting a new business venture is an exciting time, but it also comes with a list of administrative tasks that need to be completed. One of the most important steps for any new business is obtaining an Employer Identification Number (EIN), also known as a Federal Employer Identification Number (FEIN). This unique nine-digit number is issued by the Internal Revenue Service (IRS) and is required for various business activities, such as opening a bank account, hiring employees, and filing taxes. If you’re wondering how to file for an FEIN number, this article will provide you with a step-by-step guide to make the process as smooth as possible.
Step 1: Determine if You Need an FEIN
Before you begin the application process, it’s essential to understand when you need an FEIN. Generally, you need an FEIN if your business has employees, operates as a partnership or corporation, or if you file excise taxes. If you’re unsure whether your business qualifies, consult the IRS website or seek advice from a tax professional.
Step 2: Gather Required Information
To apply for an FEIN, you’ll need to provide the following information:
– Your legal name and business name (if different)
– Your business address and mailing address
– Your type of business entity (e.g., sole proprietorship, partnership, corporation)
– The state where your business is located
– The date your business started operating
– Your Social Security number or Individual Taxpayer Identification Number (ITIN)
Step 3: Choose Your Application Method
There are three ways to apply for an FEIN:
1. Online: The IRS offers an online application process through its website. This is the fastest and most convenient method, as you can receive your FEIN immediately after submitting your application.
2. By Phone: You can call the IRS Business and Specialty Tax Line at 1-800-829-4933 to apply for an FEIN. A representative will assist you with the application process, and you’ll receive your FEIN within four business days.
3. By Mail: If you prefer to apply by mail, you can complete Form SS-4 and send it to the IRS. The form is available on the IRS website, and you can find the mailing address on the form. Processing time for mail applications is approximately four weeks.
Step 4: Complete the Application
Whether you choose to apply online, by phone, or by mail, you’ll need to complete Form SS-4. This form requires you to provide the information gathered in Step 2, as well as additional details about your business. Be sure to fill out the form accurately and completely to avoid delays in receiving your FEIN.
Step 5: Keep Your FEIN Secure
Once you receive your FEIN, it’s crucial to keep it secure and confidential. This number is linked to your business’s financial and tax records, so it’s important to protect it from unauthorized access. Store your FEIN in a safe place, and share it only with trusted individuals and organizations.
Conclusion
Filing for an FEIN number is a critical step for any new business. By following these steps, you can ensure a smooth and efficient application process. Remember to keep your FEIN secure and use it for all necessary business activities. Happy filing!
