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Rakhi Vasavada
Rakhi Vasavada , Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4419
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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the difference between TIN & EIN. To open a business checking

Resolved Question:

the difference between TIN & EIN.
To open a business checking account, the bank ask for my TIN.
I already have a state business license, as sole proprietorship.
what is a DBA? what license number should I get to have an employee/contractor number?
Submitted: 2 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 2 years ago.

Rakhi Vasavada :

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

Customer:

hello

Rakhi Vasavada :

Let us first talk about TIN-- This is Tax Payer's Identification Number r used by the Internal Revenue Service (IRS) in the administration of tax laws. It is issued either by the IRS.

Rakhi Vasavada :

The following is an excellent informatory resource.

http://www.irs.gov/Individuals/International-Taxpayers/Taxpayer-Identification-Numbers-(TIN)

Rakhi Vasavada :

Let us talk about EIN now.

EIN -- This is Employer Identification Number. An Employer Identification Number (EIN) is also known as a federal tax identification number, and is used to identify a business entity. It is also used by estates and trusts which have income which is required to be reported on Form 1041, U.S. Income Tax Return for Estates and Trusts (PDF). Refer to Employer ID Numbers for more information.

Refer the following excellent resource.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Employer-ID-Numbers-EINs

Rakhi Vasavada :

EIN is a type of Tax identification numbers. EINs are required to be taken by businesses and the TINs by individuals.

The following explains the difference between the two.

http://biztaxlaw.about.com/od/businessstartupsteps/f/taxidvsein.htm

Rakhi Vasavada :

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we get compensated for assisting you. Alternatively please feel free to reply back if you need further assistance.

Warm Regards

Customer:

The web links are very helpful.

Expert:  Rakhi Vasavada replied 2 years ago.
Dear Kaleigh,

Good that this helped. You may please leave a positive rating if this helps as this is the only way we get compensated for assisting you. Alternatively please feel free to reply back if you need further assistance.

Warm Regards
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