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Federal Tax ID




Federal Tax ID
FederalTaxID

Federal Tax ID

Here is who needs a federal tax ID: 

All businesses and non profits as well as trusts and sports league operations have to obtain a federal tax ID number. 

First, corporations or LLCs, employers, partneships and independent contractors are required to obtain a Federal Id (FEIN). You can use a federal id as your business ID.  

For example, most sole owners that are not employers and are not independent contractors use their social sec number as a business tax ID.  However, even sole owners that are not employers and are not independent contractors may obtain and use a federal tax ID  as a business tax ID. 

Otherwise, a sole owner will need to use your social security number over the phone or the internet all the time for orders or other business identification reasons.

Note that if you want the federal ID to collect charitable contributions and or collect money for a sports team, you also need a DBA doing business as to open a bank account under your name with the federal ID.  

On the other hand, if you want to do this right, to collect charitable contributions and or money for a sports league, you will need to form a non profit, obtain the federal ID here  online ( i.e., both a non profit and a federal ID can be registered here online) and then after you obtain these certificates, you will need to apply for state and federal non profit tax exemption.  

Note that if you do not form a non profit, any money you receive from contributions would be considered your income and you will have to pay income tax on it unless you spend it for expenses for your type of charity or sports league.


IMPORTANT: 


If you are getting a free tax ID ( Federal Tax ID ) to collect charitable, athletic league, religious or other not for profit organization, here is how to do this correctly. 

You will need a federal ID and a formation of a non profit corporation. 

You can obtain both here at this site. 

You can also File a DBA business name registration and obtain the federal ID obtain both here at this site to open a bank account to deposit the contributions. 

However, all money that you don't spend or somehow you will not be able to expense and justify to the IRS , you will have to pay taxes on that amount. 

For example, you received $100,000 in contributions and you spent for charitable related purposes $50,000, you will have to pay taxes as personal income taxes for the $50,000. 

To avoid that and do everything legal, apply here for the free federal ID, and the Nonprofit formation of the corporation. 

As soon as you obtain these, apply for your organizations tax exempt status so you will not have to pay taxes on the contributions you receive.


Employers, Partnerships & Corporations or LLCs.


Note that if you are starting a business, you also need a business license and unless you are a sole owner without employees, a federal ID as well.   

That does mean that all businesses need a federal ID except sole owners that are not employer or are not independent contractors ( and independent contractor that receives more than $600 from a single client is required to obtain a federal ID).  

Finally, as discussed above, you will also need a state ein and a federal ein if you hire employees and if you use company business name or otherwise called a trade  name, such as "Ultra Super Merchandise Store," or  "Super Expert 4U," or any other business name, you will have to register it with a DBA business name registration. 

On the other hand, you can incorporate or form an LLC and you will not have to register the business name.  You can register for any of these documents here online.

Fed Tax Id (1- 24 hours) .

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