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    1. Fran83 is offline

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      #1

      Difference between a Tax ID number, an Employer ID number and a reseller's permit?

      What's the difference between a Tax ID number, an Employer ID number and a reseller's permit? Do I need all three of those?
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    2. WWW01 is offline

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      #2
      A Taxpayer Identification Number (TIN) is a number the IRS uses when it administers tax matters. For an individual, your TIN is your Social Security Number (SSN), which is issued by the Social Security Administration. You provide your TIN on tax returns and statements, and any other tax-related document.

      An Employer Identification Number (EIN), also known as a federal tax identification number, is used to identify a business entity, although not all businesses require an EIN. Your TIN/EIN is used to identify your business to several federal agencies that regulate business. The EIN, like your SSN, is a 9-digit number, and you can obtain one from the IRS.
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    3. Fran83 is offline

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      #3
      How will I know if I need an EIN?

    4. WWW01 is offline

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      #4
      A general answer is that any business that has employees and/or pays any kind of tax needs an EIN. Or, if any of your product or service offerings are taxable in any way, you need an EIN.

      Here are a couple of other more specific circumstances for which you will also need an EIN:

      • You operate your business as a corporation or partnership or,
      • You file a tax return for Employment, Excise, or Alcohol, Tobacco and Firearms or,
      • You withhold taxes on income (other than wages) paid to a non-resident alien or,
      • You have a Keogh savings plan or,
      • You are involved in any of the following organizations -

      o Estates
      o Real estate mortgage investment conduits
      o Non-profits
      o Farmer’s co-ops
      o Trusts, IRAs, Exempt Business Org. tax returns
      o Plan administrator

      If you have any doubts about if you need one or not, just get one to be safe.

    5. Fran83 is offline

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      #5
      How do I get an EIN?

    6. WWW01 is offline

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      It’s very simple. You can apply online at the IRS site if you like, and you’ll receive your EIN immediately, along with a confirmation notice which you can print and file away. There’s no fee to receive an EIN. Here’s the link for applying for an EIN:

      Apply for an Employer Identification Number (EIN) Online

    7. Sal gal is offline

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      #7
      I just use my soc sec number on forms and stuff.

    8. WWW01 is offline

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      #8
      That’s not advised, Sal gal. If you have a business, you’re much better off using an EIN than giving out your personal SSN. And, a benefit to having an EIN is that it will help you establish credibility in the business world.

    9. Fran83 is offline

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      #9
      What about a seller’s permit? Is that the same thing?

    10. WWW01 is offline

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      #10
      No, not at all. A seller’s permit is what allows you, as a retailer or wholesaler, to collect sales tax from your customers, tax which you then, in turn, pay to your state. If you sell or lease personal tangible property, including what you might sell online on eBay, and this merchandise is taxable, you need a seller’s permit. Or, if you sell a taxable service at the retail or wholesale level, you need a seller’s permit. Being able to collect sales tax from your customers means that you don’t have to pay sales tax on the items you buy for resale.

      Seller’s permits are also known as: “certificate of resale”, “certificate of authority”, or “resale license”.

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