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Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Experience:  Nearly 30 years of varied tax industry exp. Tax Biz owner
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i came US legally, but now my visa has been expired for years.

Resolved Question:

i came US legally, but now my visa has been expired for years. I do have SSN and driver license, so I'm working in real estate company right now, i got pay by 1099 form.

i wanted to open LLC, and wanted to get K1 taxes ID instead of using SSN as a taxes ID, do you think I could get it, even my visa has been expired? Could I just use driver license to apply K1 taxes ID? Please let me know, thanks!
Submitted: 1 year ago.
Category: Tax
Expert:  Tax.appeal.168 replied 1 year ago.
Welcome. THANK YOU for choosing Just Answer. My name is XXXXX XXXXX my goal is to help make YOUR life, a little...LESS taxing.

In brief, the number that you are referring to is called an E.I.N. (Employer Identification Number), and yes, foreign persons can obtain an E.I.N. for tax purposes. There are several ways to apply for the E.I.N., applying by telephone is the quickest way to obtain it. To apply for the SS4 over the telephone, you can(NNN) NNN-NNNN You can refer to the following IRS webpage for the other options of applying for the E.I.N.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/How-to-Apply-for-an-EIN

Note that the form SS4 does not ask about Visa information.

Link to form SS4:

http://www.irs.gov/pub/irs-pdf/fss4.pdf

Please let me know if I can be of further assistance to you regarding this matter.

Thank you again for using JUST ANSWER.



Customer: replied 1 year ago.

Thanks for your help. So basically I need to apply EIN number for my taxes ID.


 


My friend told me that because I'm self-yeployee, get 1099 from company, so if i can open a LLC, then the company will send the 1099 to my LLC, then my account will give me K1 form to fill personal taxes returns, the good thing about this is i can reduce all my expensive through LLC, so the taxes i need pay is much less than if i use SSN to file taxes returns. Is that right?


 


What's really different if i apply EIN instead using SSN to file taxes returns?

Expert:  Tax.appeal.168 replied 1 year ago.

Hello again Lily,

Sorry for the delayed response. I had to reboot my computer. Let me clarify for a few things for you.

Q: What's really different if i apply EIN instead using SSN to file taxes returns?

A: Other than the business information being shown under the E.I.N., there is no tax benefit to use and E.I.N. in opposed to using your social security number.

------------------------------------------------------------

Unless you elect the LLC to be treated as a corporation, any earnings/losses from the LLC passes through to your form 1040, the same as a sole proprietor. As a single member LLC or a sole proprietor, you will complete the Form Schedule C, which allows you to deduct reasonable and necessary business expenses. When using the Schedule C, you have the option of using your social security number or an E.I.N. As the LLC is a pass through entity, taxes due will be the same as if you were a sole proprietor (income tax and self employment tax). You can refer to the following link to read about differences between a sole proprietorship and an LLC;

http://www.legalzoom.com/llc-guide/llc-sole-proprietor-partnership-comparison.html

Please let me know if this clarifies matters for you.

Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 2562
Experience: Nearly 30 years of varied tax industry exp. Tax Biz owner
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