
Missed the tax deadline? Here’s what you should do
If you haven’t filed your taxes yet, don’t panic — but act fast.
Are you wondering what an Employee Identification Number is? Bankrate explains.
An Employer Identification Number (EIN) is a nine-digit number assigned to businesses by the Internal Revenue Service (IRS) for tax purposes. EINs are assigned to sole proprietorships, business owners with employees, corporations, partnerships, nonprofit entities, trusts, estates and government agencies.
Like a Social Security Number (SSN) or an Adoption Taxpayer Identification Number (ATIN) for individuals, the IRS assigns EINs in order to organize tax payments. The number identifies a company as an employer and allows the company to submit information about wages and salaries paid out to employees.
Note that sole proprietorships without employees are not required to have an EIN. If a business has one or more employees, it must have an EIN. Businesses identify themselves with EINs on tax returns, business licenses, business permits, and a variety of other government applications and forms. They also use it when opening a business bank accounts and taking out loans.
Find the tax forms and information needed to run your business at the IRS Tax Forms center on Bankrate.com.
Doris is establishing a retail business. She plans to hire a few people to help her run the business. She knows that she will need to send the IRS documentation of the income she pays these individuals as well as taxes over the course of the year. She files for an EIN through the IRS website. She receives a nine-digit number that ensures she can file this information correctly.
If you haven’t filed your taxes yet, don’t panic — but act fast.
Typically, taxpayers have two options: Take the itemized deductions or take the standard deduction.
Regardless of what may cause a person to miss the tax-filing deadline, there are potential consequences.
Applying for more time to file your taxes is easy. Just don’t put off paying your tax bill.
The fast-approaching deadline for filing your 2021 taxes is April 18, 2022.
There are seven tax brackets for most ordinary income: 10%, 12%, 22%, 24%, 32%, 35% and 37%.
The credit was confusing even before Congress revamped it for 2021.
Here’s how to use a Roth IRA to pay for your child’s college tuition.
This popular tax break can be one of the trickiest.