Many new business owners are wondering how to get their federal tax ID or EIN (Employer Identification Number). You need one of these for several reasons, and one of the earliest you will see is that you need it to open a business bank account. Obtaining the required tax numbers for your small business is very easy but there is a lot of misinformation out there.
Let's explain how to get your Federal EIN.
The process to get your EIN is a completely online process that can be completed in around 5 minutes. There are many people out there that will charge from $49 to $249 to do this for you, but getting your EIN is free through the IRS website.
To apply for your Federal tax ID you can simply follow this link to the IRS's EIN application.
Simply click the "Apply Online Now" link and you will be taken to the application. Some of the information you will need includes:
A step by step guide, including screenshots, through the EIN application is including in our how to form a business guides.
Remember that you will also have to get Tax IDs for individual state as well.
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