An escrow account is an account held by a trusted third party to complete a transaction. The most common type of escrow account occurs during a home sale. The buyer will send money to the escrow company. The escrow company will verify the transaction and make sure the deed is filed before it sends the […]
Most people will be familiar with trusts that occur after death. An individual may put their assets in a trust account so they can control those assets with stipulations even after they are deceased. But trusts can also occur during life. A trust account is created when assets are placed in the care of a […]
A revocable trust is a trust set up by a grantor to manage assets and distribute funds to a beneficiary. It is distinguished from an irrevocable trust in that an irrevocable trust cannot be changed after it’s been created. Revocable trusts are still under the control of the grantor and will use the grantor’s own […]
Quite a few sole proprietorships are schedule C proprietorships. They don’t have an EIN. They just pay taxes through their SSN/ITIN. If there are forms that the company needs to fill out, or permits the company needs, they use their SSN. And if the sole proprietorship has to open a business bank account or get a […]
First: Everyone needs a tax ID number, and everyone has a tax ID number. Individuals usually have a social security number (SSN) or individual taxpayer number (ITIN). These numbers are used so that they can file their taxes, and everyone has to file their taxes. But these numbers alone aren’t always enough. Some people need […]
If you have a business, you might be wondering whether you really need a tax ID number. There are situations in which you don’t. If you are a sole proprietor (a single member business) and you don’t hire employees, then you probably don’t need an EIN. A lot of people fall under this banner, such […]
How long it takes to receive your federal tax ID number is based on two things: how you filed for it and whether there were any errors in your application. First, you can file for an EIN/Tax ID online, through mail, through fax, or through phone. If you file online (the best method), you should get it […]
A sole proprietorship is a company with a single owner. Often, this single owner will file for their sole proprietorship with a Schedule C on their own 1040 tax return. Consequently, the sole proprietorship is the individual for all intents and purposes. Sole proprietorships may not need an EIN if they never hire employees, though having one is […]
Is an EIN for sole proprietorship a requirement? Not necessarily, but it can be beneficial to have one. If you have a sole proprietorship that doesn’t hire any individuals, you can use your own social security number rather than having to get a tax ID, also known as an Employer Identification Number. But if you […]
A non-profit organization isn’t taxed. But it still does need to file tax returns, and it needs to fill out a tax ID application; some of its tax returns even need to be public. For most non-profit organizations, the ideal time to fill out a tax ID application is during the formation of the non-profit. But […]
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