4. Using Your EIN
1. Opening a Business Bank Account:
- Required for separating personal and business finances.
- Most banks will need your EIN, ITIN, business registration, and proof of address.
2. Filing Taxes:
- Use your EIN when filing federal and state taxes, including self-employment taxes, Social Security, and Medicare.
3. Hiring Employees:
- Manage payroll taxes and file IRS forms using your EIN. Ensure correct worker classification.
4. Applying for Business Licenses and Permits:
- Depending on your business type and location, an EIN is often required for licenses and permits.
5. Protecting Personal Information:
- Use your EIN instead of an SSN on business documents to protect your identity.
