Understanding EIN Number, Federal ID, and Tax ID Number

You must obtain a number of government identification numbers before launching a firm. Your EIN, Federal ID, and Tax ID numbers are a few of these. However, a lot of individuals are unsure as to whether these numbers are distinct or the same. We will examine each of these numbers in this post to see if they are similar or dissimilar.

Yes, to answer briefly. A Federal Employer Identification Number (FEIN) or Federal Tax Identification Number is another name for an Employer Identification Number (EIN). It is a nine-digit number given to a company organization by the Internal Revenue Service (IRS). To report taxes, open a company bank account, apply for credit, and file tax returns, you need your EIN number. As a result, the Federal ID and EIN numbers are interchangeable. How Can I Locate My Federal ID Number?

You don’t need to hunt for your Federal ID number if you have previously requested and obtained your EIN number. Federal ID and EIN are synonymous terms, as was previously said. However, you can do it online on the IRS website if you haven’t yet requested an EIN number. Your EIN number, which serves as your Federal ID number, will be provided to you once your application has been submitted.

The Social Security Number (SSN) is utilized as a Tax ID number for people. However, the Federal ID, often known as the EIN, is utilized as the Tax ID number for businesses. As a result, you cannot use your SSN as your company’s Tax ID number.

You can use your Social Security Number (SSN) in place of your EIN number. However, you must file for an EIN number if you are operating a DoorDash business as a sole proprietor. By doing this, you’ll be able to file your personal taxes separately from your business taxes.

At the end of the year, you will receive a 1099-MISC form if you have worked for Instacart. The address you supplied when registering for the service will receive this form. By the end of January, if you still have not received your 1099-MISC form, you can request a copy by contacting Instacart support.

In conclusion, the terms “EIN number” and “Federal ID” are interchangeable. You don’t need to hunt for your Federal ID number if you have already requested and obtained your EIN number. The Social Security Number (SSN) is used as a Tax ID number for individuals, whereas the EIN number or Federal ID is utilized as a Tax ID number for businesses. If you are a DoorDash employee, you can use your SSN in place of your EIN number; but, if you are a sole owner operating a DoorDash firm, you must obtain an EIN number. Finally, if you have worked for Instacart, a 1099-MISC form will be mailed to the address you gave when you joined up for the service at the end of the year if you have.