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Purpose and Identification Numbers
- The Employer Identification Number (EIN) and Social Security Number (SSN)
- An EIN identifies a business while an SSN identifies an individual.
Taxpayer Identification Numbers (TINs)
- A Taxpayer Identification Number (TIN) identifies taxpayers.
- An SSN, EIN, and ITIN are types of TINs.
- An SSN is a TIN for individuals while an EIN is a TIN for businesses.
Differences and Usage
- How do you tell if a number is an SSN or EIN?
SSN, EIN, and ITIN
- You cannot replace your SSN with an ITIN.
- An ITIN identifies foreign individuals who file US taxes but can’t get an SSN.
- All valid ITINs start with 9 and are formatted like an SSN.
Business and Personal Finances
- Use your SSN when applying for credit.
- EINs reduce potential damage to your credit if fraudsters access your information.
- Learn to leverage your EIN to improve finances.
- An EIN allows separating business and personal finances.
- Keep your EIN secure.
Applying for EIN and ITIN
- You may apply for an EIN online if eligible.
- If ineligible for an SSN, an ITIN is issued and can be used instead.
- You are limited to one EIN per day.
Business Ownership and Changes
- Get an EIN when you have an employee or certain retirement plans.
- Get a new EIN when changing business type or ownership.
- Sole proprietors can use SSNs instead of EINs.
Using EIN for Credit
- Can I use my EIN instead of SSN when applying for credit?
- Generally, use your SSN as your taxpayer identification number.
- EINs reduce potential damage to your credit rating if fraudsters access your information.
- An EIN allows separating business and personal finances.
