Tax ID - Taxpayer ID Number - TIN
Definition:
A Taxpayer ID Number is an identifier which is required by the Internal Revenue Service (IRS) for various official tax documents. The IRS uses the term "Taxpayer ID" to refer to one of several documents, including documents needed by businesses:
Getting a Taxpayer ID Number
If you are forming a sole proprietorship and you have no employees, you can use your social security number as your TIN.
If you are forming a limited liability company(LLC), partnership or corporation, or if you are going to be hiring employees, you should get an Employer ID Number. In many cases, even if you plan to have no employees, you may need to get an EIN to open a bank account for your business.
A Taxpayer ID Number is an identifier which is required by the Internal Revenue Service (IRS) for various official tax documents. The IRS uses the term "Taxpayer ID" to refer to one of several documents, including documents needed by businesses:
- A social security number, for an individual
- An employer ID number (EIN) for a business
- Or another similar number for individuals.
Getting a Taxpayer ID Number
If you are forming a sole proprietorship and you have no employees, you can use your social security number as your TIN.
If you are forming a limited liability company(LLC), partnership or corporation, or if you are going to be hiring employees, you should get an Employer ID Number. In many cases, even if you plan to have no employees, you may need to get an EIN to open a bank account for your business.
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