(800) 853-2651
SHOP NOW

Federal ID Number Question

N

NW Ohio Tim

Member
Hey Guys,

The freezer pig busines is growing to the point that we have a problem. We [i:ee5f039c8b]named[/i:ee5f039c8b] the farm so people would feel like they were buying from something more than a couple of yucks with a lean to and a hog trough.

In the course of billing people, they don't always understand that they should make the check out to my wife or myself. Our bank is starting to balk at cashing checks made out to the farm without us having an official business account.

Opening the accountisn't a problem, in fact, it has some perks we would benifit from. The only catch is, we need a Federal ID # to put the farm name on the account.

Any reason we shouldn't get a federal ID #??

Everything I've looked up says it's just a number to identify us instead of using a SS#. I just want to make sure I'm not opening a can of worms by getting one.

One of my best friends is a tax lawyer and as luck would have it, he's out of the country celebrating his 20th anniversary. The bank has a good deal for opening business accounts that ends the end of the month...... this is why I'm asking here.

I'm just looking for a couple of real opinions from guys who have the ID #, all the tin foil hat people can sit this one out.

Thanks for any help.

Tim
 
As far as I know, if you are a sole proprietor,
rather than a partnership or corporation, and do
not have employees, your federal id # should be
your ss#. Wish I could help with something more
authoritative.....
....Just did a quick google search and the federal
id # is also called the EIN (Employers
Identification Number).

Perhaps the bank can be of some help?

Christopher
 
am self employed and have had one since 1980. have
had no problems at all.it is used on your tax
returns to id you.
 
i used to have employees but have not for years. my CPA has never said anything about getting rid of it.
 
It's no big deal. I got one when I started my business two years ago. No problems at all. Also makes separating the business from personal stuff a little easier.
You should also get your farm name registered at the county clerk's office as a 'D/B/A' (Doing Business As..) if you haven't already. Do that first thing and then at least nobody else can use that name. Then go on line with the Internal Revenue and apply for a Federal I.D. number. You are presumably a sole proprietor and not a partnership?
When I opened my business bank account, they gave me a nice self-inking rubber stamp that says 'for deposit only' with the account number on it. Saves all that endorsing.
Also, once you have that Federal I.D. number it makes your tax exempt stuff a little more formal, that is you can put that number on your exempt (resale) forms if you need them.
 
Thanks Guys!!

Yes, we are only a partnership, as in husband and wife.... the farm is soley owned. The bank only officially knew the banking part, which said SS# wasn't good enough. They will do the work to get us the number though.

I thought maybe it would help with exempt purchases, thanks for making that point.

I'll call the County Clerk in the morning and see about the DBA registration, never thought about that.

Thanks alot guys, I can't begin to repay youfor the quick answers, I'll sleep better tonight.
 
You need to take a look at the Federal Tax Form 1065 for partnerships. You will need to be filing that as well as your personal 1040 form. By looking at it now you will know what kind of records you will need to be keeping so you have the information when the time comes to file.
 

We had to get the DBA at the County Clerk's Office before the bank would give us a business account, even though we had personal accounts there.
 
When I got my DBA at the clerks office I put it in my farm name as well as my personal name, so the checks read my farm business and DBA personal name so I can have checks in either my name or business. I don"t remember anything other then my SS number.
 
no biggie with the fein number. you may want to look at forming either an llc corp or an s corp for the hog business. may be additional tax advantages for you and (or) some liability protection too. best to consult your attorney. maybe john t will chime in. i have fein's for both the shop and the holding company that manages my real estate.
 
Can't remember when I didn't have one; seems the accountant got it for me the first year I had employees. Maybe it's from dealing with a small-town bank for better than 50 years, but don't think I do business with 'your' bank.
 
I just got an EIN the other day, I have to get them all the time when my probate or trust clients open a checking account in the name of the estate or trust, it only takes a few minutes online.

NOTE this if required by "most" banks but I've had some banks that never even ask for them. I dont push my clients to obtain one if the bank doesnt ask but ONLY if they do, then I go online and get one.

I do NOT have one personally and wouldnt advise UNLESS its required, big brother has enough regs and oversight as it is without some other "number" or ID or Tracking information lurking out there to come back and haunt us or demand taxes owed grrrrrrrrr

Im NOT a CPA or tax attorney and offer no opinion on any tax advantage or disadvantage of having one or not.

John T Country Lawyer
EIN Online
 
(quoted from post at 22:01:41 09/28/11) Hey Guys,

The freezer pig busines is growing to the point that we have a problem. We [i:cf86109130]named[/i:cf86109130] the farm so people would feel like they were buying from something more than a couple of yucks with a lean to and a hog trough.

In the course of billing people, they don't always understand that they should make the check out to my wife or myself. Our bank is starting to balk at cashing checks made out to the farm without us having an official business account.

I believe it is the EIN number. It is so they get their taxes. Here in Pa they make you fill out a sales tax and use tax form every quarter, reporting your earnings.

Opening the accountisn't a problem, in fact, it has some perks we would benifit from. The only catch is, we need a Federal ID # to put the farm name on the account.

Any reason we shouldn't get a federal ID #??

Everything I've looked up says it's just a number to identify us instead of using a SS#. I just want to make sure I'm not opening a can of worms by getting one.

One of my best friends is a tax lawyer and as luck would have it, he's out of the country celebrating his 20th anniversary. The bank has a good deal for opening business accounts that ends the end of the month...... this is why I'm asking here.

I'm just looking for a couple of real opinions from guys who have the ID #, all the tin foil hat people can sit this one out.

Thanks for any help.

Tim
Click to expand...
 
I heard as of Jan 1,2012 you can"t make agricultural tax free purchases without a federal ID number. I don"t know if its for real or gossip.
 
(quoted from post at 07:40:34 09/29/11) I had to get one when I renew my Ham Radio License.

Kent
Click to expand...

what in samhill does a ham license have to do with a federal id.

de n5csc....
 
My wife's biz has had one for 25 years. No big deal, it serves to identify you for tax purposes that you are running a biz.
 
Isn't that number for employers who are involved in payroll taxes and such?
I think I would wait for the lawyer friend to get back.
 
Like others have said it helps out for doing tax excempt purchases and beyond that is basically nothing more than a replacement for your SSN for business use. I've been in business (always subbed out my work under Dad's company so technically I only had one customer) for nearly 14 years and have never had one to date. Since he semi-retired from the business and I'm taking over I plan to get one at the end of the year to use from 2012 on.

The reason I'm doing it, and something I haven't seen mentioned yet is this. When your dealing with multiple customers your not giving out your personal SSN, something that could be easily used in an ID theft, to everyone but rather your using an EIN which is strickly a business related number identifying you. Not having my SSN floating around out there in way more filing cabinets/computer systems than it already is just makes sense to me.
 
Tim. It's people like you and your wife that are at the fore-front of the revolution against meddlesome, useless government regulations and laws. I encourage you to resist getting the tax I.D. Let yourselves become an inspiration to the rest of us as we watch you defy a tyranical governemnt and sacrifice your home and all you've worked for as you spend years in federal prison.(satire)
 
(quoted from post at 06:54:14 09/29/11) I heard as of Jan 1,2012 you can"t make agricultural tax free purchases without a federal ID number. I don"t know if its for real or gossip.
Click to expand...

Hmmm about the only way that would affect me would be fuel......don't buy anything else that has a federal tax added to the purchase price!

Rick
 
Tim. It's people like you and your wife that are at the fore-front of the revolution against meddlesome, useless government regulations and laws. I encourage you to resist getting the tax I.D. Let yourselves become an inspiration to the rest of us as we watch you defy a tyranical governemnt and sacrifice your home and all you've worked for as you spend years in federal prison.(satire)
 
Most likely you will eventually be required to get a federal TIN, also called an Employer Identification Number (EIN) if you continue to do commercial business. An EIN allows you to disassociate your business activities from your SSN(s), which has some advantages.

Acquiring an EIN can be easily done online at the link below or by calling the toll free number: 800-829-4933, 07:00 - 22:00. The phone wait can be lengthy depending upon call volume.

Dean
Apply For An EIN
 
Tim. It's people like you and your wife that are at the fore-front of the revolution against meddlesome, useless government regulations and laws. I encourage you to resist getting the tax I.D. Let yourselves become an inspiration to the rest of us as we watch you defy a tyranical governemnt and sacrifice your home and all you've worked for as you spend years in federal prison.(satire)
Click to expand...

OK, you owe me a new keyboard since I blew coffee out of my nose and ruined it. LOL

It is done, we have the ID# and a new account. After 4 generations of farmers, we are now official. I hope I don't regret this.

Thanks for all the replies, I really appreciate you guys taking the time and keeping this one on track.

Thanks again,
Tim
 
my bank said same thine that i have to have two accounts one business one personal. so i said just cloes the account i well find a new bank. well guess what guess we only need one account after all just endorse the check as they are made out if to me just my name if to business my name and business name, they just want to make a few more buck amazing how money talks bank hate to lose account even if there small accounts. with not lot money
 
You must log in or register to reply here.

Similar threads

BarnyardEngineering
Theisen's
Replies
18
Views
2K
BarnyardEngineering
BarnyardEngineering
Goose
The letter wasn't a scam after all....
2
Replies
23
Views
3K
504
5
M
Trying to figure out PTO & Tractor ID request.. 1950s IH 300 utility..?
Replies
6
Views
481
MARK ROBKE
M
JohnRowehl
ID John Deere harrow
Replies
10
Views
479
JohnRowehl
JohnRowehl
RBnSC
Forklift battery charging Question
Replies
10
Views
735
gene bender
G
Tractor Parts Tractor Manuals

We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today.

Copyright © 1997-2024 Yesterday's Tractor Co.

All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.

Yesterday's Tractors - Antique Tractor Headquarters
Website Accessibility Policy

Back
Top