See: 2020 Business Tax Deadlines You Need to Know EIN Lookup: How to Find Your Tax ID NumberĪ forgotten or lost EIN is a common issue that small business owners can run into, just as individuals lose their W-2s. It’s good bookkeeping to keep your personal and business finances from intertwining, so having an EIN as a sole proprietor is a good move. If you’re a sole proprietor without an EIN, banks will use your Social Security if you try to open a business credit card. Also, it’ll help you keep personal and business finances separate in general. Obtaining an EIN is a smart accounting more because it enables you to separate your personal and business taxes. However, just because you’re not required to have an EIN doesn’t mean it isn’t a good idea to get one. This is because this type of business organization isn’t required to register as a business nor has employees. One type of business entity that often doesn’t have an EIN is a sole proprietorship. If your small business is involved with trusts, estates, real estate mortgage investment conduits, non-profit organizations, farmers’ cooperatives or plan administrators, then you are required to have an EIN for your company.
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