From the course: Taxes and Accounting for Music
Join today to access over 22,600 courses taught by industry experts or purchase this course individually.
EINs
- A federal employer identification number, EIN, also known as an FEIN, is the business equivalent of an individual's Social Security number. You'll need an EIN if you're filing taxes as a partnership or corporation. You're filing taxes as an individual musician, so, a proprietor, and you employ people. For example, you employ a backing band. You are a sole proprietor who has to issue 1099-MISC forms and you don't want to use your Social Security number on the 1099s, or you're an LLC choosing to be taxed as a partnership or a financial institution requires an EIN in order for you to open an account. You can get an EIN in one day if you use the IRS's EIN Assistant at its website, irs.gov. You can also download and complete a form SS-4 and mail it or fax it to the IRS. If you use an EIN for your federal tax return, you should also use it when you file your state tax return.
Download courses and learn on the go
Watch courses on your mobile device without an internet connection. Download courses using your iOS or Android LinkedIn Learning app.