1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Employer ID Number & Tax ID?

Discussion in 'Business & Tax Advice' started by Black Flip, Jun 5, 2012.

  1. Black Flip

    Black Flip BANNED BANNED

    Joined:
    Jun 4, 2012
    Messages:
    31
    Likes Received:
    5
    Hello, I just registered the other day since many sections on this forum caught my eye. Anyway, I'm planning on opening my own online business soon and I'm having trouble obtaining a EIN and/or Tax ID since I know little or almost noting about it.

    I'm currently 15 years old and I'm a US Citizen and I was wondering if I'm still eligible in having one of these?

    I want to sell mostly on eBay and Amazon and eventually open my own Store or website. In order to do that I need to buy inventory from liquidations, wholesalers & drop shippers which require either a Tax ID or EIN.

    Can someone tell me the difference between a Tax ID and EIN and which one I would need to reach my goals and which one do the suppliers require?

    Also, if someone can link me to the forms to fill out your information on obtaining a EIN or Tax ID and give me a price on how much it would cost. I would appreciate it.

    Thanks in advance!
     
  2. chad362wiley

    chad362wiley Supreme Member

    Joined:
    Dec 8, 2011
    Messages:
    1,341
    Likes Received:
    782
    Occupation:
    n/a
    Location:
    Behind you
    Home Page:
    Just use your SSN. I'm younger than you and it has never been an issue.
     
  3. Apache64

    Apache64 Newbie

    Joined:
    Aug 21, 2011
    Messages:
    24
    Likes Received:
    8
    you only need a EIN if you have employees, or are doing any other business ownership type than a sole proprietorship. So if its just you working for your business then your SSN is good.
     
  4. Tsmash

    Tsmash Regular Member

    Joined:
    May 7, 2011
    Messages:
    460
    Likes Received:
    743
    Didn't know you were so young. Dude, you rule for having a business at such a young age.
     
  5. chad362wiley

    chad362wiley Supreme Member

    Joined:
    Dec 8, 2011
    Messages:
    1,341
    Likes Received:
    782
    Occupation:
    n/a
    Location:
    Behind you
    Home Page:
    Haha thanks bro.
     
  6. Dan Free

    Dan Free Regular Member

    Joined:
    Nov 22, 2007
    Messages:
    207
    Likes Received:
    850
    Location:
    Colorado Springs
    One advantage of having an EIN is protection from identity theft. You don't have your SSN all over the web for somebody to use. To get an EIN you need a DBA (Doing Business) or some other form of legal entity. Then use this for you business tax number and to open bank accounts.

    Capitalism Rules!

    Good luck.