Friday, September 18, 2009

Applied for my Employee Identification Number - EIN

Starting a Business Most businesses start out small. As a new business owner you need to know your federal tax responsibilities. This page provides links to basic federal tax information for people who are starting a business. It also provides information to assist in making basic business decisions. The list should not be construed as all-inclusive. Other steps may be appropriate for your specific type of business.
I filed for an Employee Identification Number (EIN) today. I am slowly beginning the steps to building my own public speaking business. I am also in training and will be working for James Feudo teaching public speaking courses. I first met Jeff via the internet through the Public Speaking Igroops Internet Forums. I finally met James in person a few months ago at the Framingham & Natick Toastmasters Club's 30th Anniversary meeting.
We spoke after the meeting and he offered my an opportunity to help teach his public speaking courses. I was enthusiastic about the idea and next week will train and observe how he runs his class. More as it develops but for now I applied for my EIN.

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Today I applied for my EIN, next week I will train with Jim to teach pubic speaking skills.
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What New Business Owners Need to Know About Federal Taxes,,id=99336,00.html

Do I need an EIN?

You need an EIN if you:

Started a new business
Hired or will hire employees, including household employees
Opened a bank account that requires an EIN for banking purposes
Changed the legal character or ownership of your organization (for example, you incorporate a sole proprietorship or form a partnership)
Purchased a going business
Created a trust
Created a pension plan as a plan administrator
Are a foreign person and need an EIN to comply with IRS withholding regulations
Are a withholding agent for taxes on non-wage income paid to an alien (such as an individual, a corporation, or a partnership)
Are a state or local agency
Are a federal government unit or agency
Formed a corporation
Formed a partnership
Administer an estate formed as a result of a person's death
Represent an estate that operates a business after the owner's death.

When will I be able to use my EIN?
This EIN is your permanent number and can be used immediately for most of your business needs, including:
Opening a bank account
Applying for business licenses
Filing a tax return by mail. However, it will take up to two weeks before your EIN becomes part of the IRS's permanent records. You must wait until this occurs before you can:
File an electronic return
Make an electronic payment
Pass an IRS Taxpayer Identification Number matching program.

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