The IRS may require that you obtain an Employer Identification Number (EIN) if you’re beginning a business in Illinois. An EIN is a distinct nine-digit number that serves as your company’s tax identification number. It’s frequently necessary when starting a business, recruiting staff, and submitting tax returns. But how much does an Illinois EIN cost?
The good news is that the IRS will provide you an EIN at no cost. EIN applications can be submitted online, by mail, fax, or phone. The application procedure is rather easy to understand. Basic information regarding your company, including its legal name, physical address, and entity type, must be provided. Your social security number or taxpayer identification number must also be provided.
It is typically the quickest and simplest way to apply for an EIN online. You may apply on the IRS website, and once you’ve submitted it, you’ll get your EIN right away. If you decide to submit your application over the phone, dial the IRS Business and Specialty Tax Line and follow the on-screen instructions to get your EIN. Application processing over the phone is typically quicker than through the mail or fax.
It’s crucial to be aware that some websites operated by third parties promise to obtain an EIN for you in exchange for payment. These websites are not associated with the IRS, though, and you may get an EIN straight from the IRS for nothing. It is typically advised to stay away from these third-party websites to prevent wasting money.
In conclusion, getting an EIN for your company in Illinois is free. Applying for an EIN is possible over the phone, online, by mail, or by fax. If you’re beginning a business in Illinois and planning to do certain things, including hire staff or create a business bank account, you should get an EIN. Always keep in mind that getting an EIN from the IRS directly is free, and you should stay away from third-party websites that advertise getting an EIN for money.