If you’re starting a business and will have employees, you need an EIN (Employer Identification Number). It’s also known as a Federal Tax Identification Number.
If you have been a sole proprietorship with only your social security number for identity, in this age of identity fraud, you should consider getting an EIN. The government has made it simple.
You can determine your need for an EIN online. This page has useful information and links: http://www.irs.gov/businesses/small/article/0,,id=102767,00.html
The number is assigned by the IRS and will be used on ALL tax filings.
The employment status of an individual who works or does work for you is outlined and scrutinized by the IRS. Familiarize yourself with their guidelines; consult a professional and follow the rules.
If you are utilizing the skills of independent contractors, have their W-9 on file. You will need the information furnished by the independent contractor on this form to complete the 1099s that you need to complete and file at the end of every tax year. Typically, if your tax year ends in December, all independent contractors should receive a 1099 by the end of January. The info on a 1099 must be supplied by the issuer to the IRS. Review the guidelines and filing dates annually, adjusting for any changes.
Every business owner has different skill sets and needs. Familiarize yourself with the resources in your area. The following have a presence in each of the states and can be a good starting point.
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