Employer Identification Number

A federal identification number assigned to all legal entities. Use Form SS-4 to apply. It does not matter if you will have employees, the requirement to obtain a number is based on creating a legal entity.

SS-4 IRS Application for an Employer Identification Number

SS-4

An employer identification number (EIN) is the business equivalent of a Social Security number.  A unique identifier is assigned to the business for use in communicating and complying with the Internal Revenue Service.  Just like a Social Security number, it is a 9 digit number with the first two digits as the prefix.

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How is a Sole Proprietorship Taxed? Understanding Schedule C

Schedule C

The sole proprietorship is taxed at the individual tax level. Basically, the income earned during the calendar year is calculated on Schedule C of Form 1040. The final number is transferred to the front page of Form 1040 to line 12. Schedule C is divided into three major sections.

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