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!)
// Show Notes
Choosing a Business Structure: https://shontavia.com/choosing-a-corporate-structure-advice-from-a-business-law-expert/
How to get a tax ID number for your business: https://shontavia.com/tax-id-numbers-biz-better-have-my-money/
How and Why to Avoid Commingling Personal and Business Funds: https://blogs.findlaw.com/free_enterprise/2017/03/how-and-why-to-avoid-commingling-personal-and-business-funds.html
Do You Need an EIN?: https://www.irs.gov/businesses/small-businesses-self-employed/do-you-need-an-ein
Apply for your Tax ID number/EIN online: https://sa.www4.irs.gov/modiein/individual/index.jsp
Paper Application for Employer Identification Number (Form SS-4): https://www.irs.gov/pub/irs-pdf/fss4.pdf
// Social Media