Taxpayer Identification Numbers

[annie123]

I want to transfer my business account to another bank and they are asking me for a Federal Taxpayer Identification Numbers?

My business is an LLC and I have always filed my business taxes with my personal taxes using my SS #

Do I need to file for a Federal Taxpayer Identification Numbers? Will I have to file my business taxes separately?

Edited June 25, 2013 by annie123

[Moody Glenn]

Hi Annie, Another name for the Federal Taxpayer ID number is an Employer Identification Number (EIN). Most banks now require using this number even though you are a sole owner. Your business is a LLC - a separation of you and your personal finances. You do not want to use your SS# because it identities you - not your business. The EIN identifies your business. Each state is different it its requirements so I would first suggest contacting you new bank manager and run things by him or her. Then I would suggest contacting a local tax accountant since all this revolves around the IRS. He or she can help you get your EIN from the IRS. I did mine myself on the computer and I made one mistake. Messed things up royal. It took over two months to get everything correct. Go with a professional!! As for filing your business taxes separately the tax accountant will again be the one to ask. Sorry I can not be more exact but again, each state has its own rules so it is best to contact a local tax person. You may have to spend some money but its worth having peace of mind so you know everything is set up properly for your business and the tax accountant will guide you. Remember - your LLC business is separated from you BUT you manage it. Sounds so confusing doesn't it? You will get used to it all!

[pcbrook]

If the bank will not accept your SS# I guess you might have to. It is not that hard and you can do it online at the IRS website and you can get the number right away. I have an LLC and a FIN and I file a schedule C when I do my personal taxes. So no, you do not have to file separately.