TAX-ID? Federal ID? EIN? Social security number? what to use for small business?

 
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sale-371862900's Avatar (by Gravatar)sale-371862900 posted on
July 21, 2007, 2:25 pm
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I am in the process of purchasing a tiny neighborhood market that also
sells beer & lottery. It'll be a sole proprietorship under my name. Me
and my wife will be the only ones working(no employees). I don't know
which one to use.
Are TAX-ID, EIN & Federal Id same thing or different?
I am in Los angeles if that matters.

Thanks alot in advance.



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myaccountingtutor01@yahoo.com's Avatar (by Gravatar)myaccountingtutor01@yahoo.com posted on
July 22, 2007, 4:25 pm
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Re: TAX-ID? Federal ID? EIN? Social security number? what to use for small business?

Hi there. I used to wonder the same thing. It used to be called a TIN
now it's called an EIN. They are both considered a Federal Tax ID
number. No, you will
not need to have an EIN as long as you don't have any employees. If
you do hire someone, then you will need to file with the IRS.


http://www.MyAccountingTutor.net

On Jul 21, 2:25 pm, sale-371862...@craigslist.org wrote:


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Paul Thomas's Avatar (by Gravatar)Paul Thomas posted on
July 22, 2007, 4:54 pm
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Re: TAX-ID? Federal ID? EIN? Social security number? what to use for small business?



You may need to obtain a FEIN for use in your sales tax and alcohol sales
applications at a minimum.

Consult with a local CPA or EA for specific state and local advice.






--
Paul A. Thomas, CPA
Athens, Georgia





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