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FEIN -EIN number??
ThinkGrowRich
subscriber Posts: 1 Member
Is this necessary for all online businesses? I understand this is a way for the government to keep track of how much you make and your taxes you have to pay. I do my taxes using Turbo Tax, looks like for this year I look to be earning a little more than $12,000 for my online business and so I finally registered my business name(LLC) and made it official. If I have my LLC business name and FEIN-EIN number, will those have to be entered in Turbo Tax? My husband and I always do a tax joint, I just want to be prepared on how taxes will have to be entered now that I have an LLC and I might have to get a FEIN-EIN number.
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Comments
If you are a single owner LLC (which is what is sounds like), you are not legally required to have an EIN unless you have employees or have certain excess tax requirements.
That being said, it is advisable for your business to have an EIN. Banking institutions will usually require it and some states may require it for certain items. Also, getting an EIN will have no impact on your ability to file jointly with your spouse. The EIN will go on your schedule C for your pass through income/loss from your "disregarded" single member LLC business.
Hit me up if you have any other questions.