Whenever it comes to submitting forms to the government, you already know that there are usually fees and costs that go with it. No matter what you do, Uncle Sam will try to squeeze a few extra dollars out of you in the process. As a new business, applying for a federal tax ID number is no different, although there is an easier way to submit your paperwork, rather than dealing with the IRS directly. IRS-EIN-Tax-ID application prices are comparable to what you would pay anywhere else, but the convenience is second to none. To help you understand what’s involved, let’s look at the application process.
Choosing an Entity Type
As a new business, what kind of company will you be? A sole proprietorship? A corporation? There are many different options from which to choose, and most of them will require an Employer ID Number (EIN) to file properly come efile tax time. If you’re unsure of which entity you should be, irs-ein-tax-id.com offers brief explanations regarding each one as well as the benefits and downsides of choosing them.
Filling Out the Form
No one likes to do paperwork, even less so when taxes are involved. Fortunately, you can do everything online, meaning that you don’t have to waste paper or cramp your hand by writing all of your information down manually. Simply type in the various details (as spelled out on the form), and you’re ready to go as soon as you hit “submit.”
Paying the Fee
As you may have noticed, that is fee without an S. When you apply for a tax ID online you only have to pay a one-time expense of $185. Best of all, because the process is so streamlined, you can get approval within hours so that you can get your business up and running. Also, should there be any issues with your forms, you can request a full refund, minus a small processing fee of $10.
Applying for an EIN may seem like a complicated process, but now it doesn’t have to be.