I am trying to separate my personal and business finances, so my first step was to get an Employer Identification Number (EIN), sometimes called a Tax ID. An EIN is used by the IRS to track businesses and takes the place of a Social Security Number in many areas. They are free, you can either apply online or over the phone. I chose the latter because that way you get it instantly.
I technically don’t need one, since I am not incorporated and currently don’t have any employees, but it allows me to separate my business finances by using it to open business bank accounts, business credit cards, and so forth. Also, now whenever I get paid via 1099s it will be through my new EIN.
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You should get an EIN for no other reason than to make sure you don’t have to give every company out there your social security number.
Yep, that too.
This is off topic, but just curious, the screen shot you do monthly of your net worth, is there a program you are doing that in, or just a simple excel file you have made up?
It’s just Excel. I keep track of everything at Yodlee.com and type in my numbers in once a month for my records.
Why not just use something like Quicken Deluxe for small business?
Thanks for all the useful info on your site. (I had already begun getting free money from my credit cards, but I thoroughly appreciated your description and analysis.) Anyway, I’m looking for a web-based high-yielding savings offer that allows business accounts. (Both INGdirect and HSBCdirect told me only personal accounts are eligible.) I volunteer for a nonprofit corporation, and I’m hoping to get them the best possible rate (but for fiduciary and tax reasons, I can’t hold their assets in a personal account in my name). Now that you have a business tax id, I hope you’ll be on the lookout for one. Please let us know if you find anything good.
How secure is Yodlee? I’m concerned about giving ALL my financial info to a stranger.
WHERE CAN I FIND A BUSINESS CREDIT CARD THAT WILL NOT ASK ME FOR MY SSN?? I HAVE A EIN AND A DUNNS NUMBER.
I did a “freelance” consulting for a company last year and got paid. I have an EIN. Here is my question: do I need to file two tax returns, one for my family with my SSN and one for my business with the EIN OR just one normal 1040 plus the money from the consulting as income with my SSN?
Thanks.
If you are still a sole prop, you just need to file one return. An accountant will easily sort it out, or you need to buy the tax software that handles Schedule C returns.
So are there any credit cards that don’t require SSN when you have an EIN? My company is an LLC.
Thanks
Catharine
My personal credit is not that great but my business credit is excellent. Is there any credit companies that only require EIN which does not require me to provide my SSN/
you can apply for a staples business credit card or try companies like those. i did and they didnt ask for my ss#. and i got a card.
Greetings:
I would like to open up a business credit card for my new LLC, with only using my EIN number, could you please help me to get one of cards for my business.
Thank you,
Bless Hurr
Interesting post ! I learned a lot from the points ! Does anyone know where my business would be able to get access to a sample a form example to fill out ?