What is an EIN and Why Do I Need One?

What is an EIN and Why Do I Need One?

An EIN is a nine-digit number assigned by the IRS and used to identify your business. It’s like a Social Security number for your business and, in many cases, can be used in place of your Social Security number on forms and other types of paperwork. We recommend that all businesses apply for and use an EIN.. If you are a sole proprietor, you need an EIN if you have any of the following: Employees A retirement plan, Have or are planning to buy an existing business You are a partnership, LLC, or PLLC In addition, some states require you…
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Team Member Spotlight : Michelle

Team Member Spotlight : Michelle

Michelle is a CPA that works in the accounting side of our practice. She came over when we merged with Primarily Bookkeeping and she is a fantastic addition to our team. Why did you decide to become an accountant?   I chose accounting in college as a career knowing I’d always be able to find a job wherever I went. It was just my luck that I discovered a passion for it the more I learned. When were you hired for TL;DR, or when did you start with Primarily Bookkeeping?   I started working with Primarily Bookkeeping in April 2018…
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What is the Difference Between Being Self-Employed and a Small Business Owner?

What is the Difference Between Being Self-Employed and a Small Business Owner?

Many people tend to use “self-employed” and “small business owner” interchangeably when discussing their business. At TL;DR, we refer to different types of clients as noted below: Self-Employed: Works for themselves Small Business Owner: Hires employees or independent contractors I refer to TL;DR: Accounting as a small business, especially since our team has grown, but that doesn’t mean that if you have hired employees that you can’t refer to yourself as self-employed. There is no tax difference between being self-employed or being a small business owner. The biggest dictator of your tax situation depends on how your business is formed,…
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