The application process for a Tax ID (EIN) Number is something every trucking business needs awareness around. Understanding the purpose of the Tax ID (EIN) Number, the need to obtain it, as well as the importance of doing it early are all integral pieces of information. As you go down the path of getting your trucking business up and running, be sure you are compliant with the Internal Revenue Service before any truck its the open road. The more you can prepare, the easier it will be in the end.
A trucking company is going to require a Tax ID (EIN) Number for a variety of reasons. You will have the need around always having employees, trucks out on the road, etc. You will likely have loans for those trucks, insurance, etc. Payroll taxes and corporate taxes will come along as well. With all these needs, you will have the requirement of a Tax ID (EIN) Number.
Steps to Getting a Tax ID (EIN) Number for Trucking Businesses
- Prepare Owner Information
- Apply for a Tax ID (EIN) Number for a Trucking Business Online
- Apply for a Tax ID (EIN) Number for a Trucking Business via Mail or Fax
- Why Do I Need a Tax ID (EIN) Number for Trucking Business?
- How Do I Get a Tax ID (EIN) Number for a Trucking Business?
- How Long Does it Take to Get a Tax ID (EIN) Number for a Trucking Business?
You need to do preparation to get a Tax ID (EIN) Number. The starting point for acquiring the Tax ID (EIN) Number is going to be owner information. The responsible party is what you designate as the owner of a business. To line up the responsible party, you need to choose an individual, not an entity, to be the person who represents the business in the eyes of the Internal Revenue Service.
The responsible party completes the application for the Tax ID (EIN) Number and attests to having control of the funds and assets of the business. Should a disposition of assets ever be necessary for the trucking company, the responsible party carries that out. You need this information, along with other important information such as a principal business address, to go through the application process.
2. Apply for a Tax ID (EIN) Number for a Trucking Business
The easiest way to apply for a Tax ID (EIN) Number is to do so over the internet. Using the internet, you can do the entire application process through the Internal Revenue Service. It starts with accessing the Internal Revenue Service website. Once you gain access to the site, you can begin to enter all the pertinent information. The information includes the owner information, such as the responsible party and the main details about the business. Once you have all the info, you enter it and submit it to the Internal Revenue Service online for verification. The validation work is nearly instant, taking just a few minutes. Once they finish the validation, they return to you the nine-digit unique identifier which is the Tax ID (EIN) Number.
You have other options when it comes to applying for a Tax ID (EIN) Number for your trucking business. The other two main options include applying via mail or fax. The mail application method, as well as the fax method, will involve you physically printing out the application form. With the printed form in-hand, you can complete it and submit it to the Internal Revenue Service.
When you apply by mail, you will be mailing the completed form to the Internal Revenue Service. The fax application will have you sending it to the Internal Revenue Service fax line. Either way, you do it, they will receive it, take several business days to process, before returning to you the confirmation and generation of the nine-digit and unique Tax ID (EIN) Number.
You need a Tax ID (EIN) Number for your trucking business for a variety of reasons. The first and biggest reason you need the Tax ID (EIN) Number is so you can report and pay all your appropriate taxes. All your business income needs tracking and the IRS uses your number to determine where you have had business activity, what revenue you take in, etc.
You also need to have a Tax ID (EIN) Number when you have employees, to process and pay appropriate payroll taxes. The Internal Revenue Service Tax ID (EIN) Number is important for payroll taxes, and also important to do pretty much any other type of business. If you need to open a business checking account, for example, you will need the Tax ID (EIN) Number.
You can get a Tax ID (EIN) Number for your trucking business using the standard methods we detail above. The online application process is the easiest mechanism to use to get the Tax ID (EIN) Number. You can also use the standard mail and fax platforms to have the processing done and number generation complete. The other options which the Internal Revenue Service allows are the phone application method.
The length of time it takes to get a Tax ID (EIN) Number will depend on how you do the application. When you apply over the Internet you can expect to have the Tax ID (EIN) Number in-hand in a matter of minutes. When you apply via fax, expect it to take a few days. Applying via the mail will likely take a few weeks. The way in which you apply will largely dictate how long it takes to get the number.
Compliance with the Internal Revenue Service is a must for every business owner. You want to take time to be sure you are doing everything you need for the IRS, meeting their expectations. One of their requirements, obtaining the Tax ID (EIN) Number for tax reporting purposes, is integral. Take your time to get your business up and running proper rather than falling behind. Your nine-digit, unique Tax ID (EIN) Number will help pave the way for an IRS compliant and successful business path forward.