Hello,
I was wondering if you guys could help me out with a few questions I have. I have a FEIN number from 2 years ago that I had to get in order to place a public bid on a seasonal business( i live near the shore.) I lost out on that bid so the number was never used. I honestly don't know what I was thinking even getting the number since I could have just used my social security #. Now, I am bidding on a similar seasonal lease from a township and was wondering a few things:
1. Can I use the same FEIN number? I understand that the number stays with me forever but just want to make sure I don't have to activate it again or something.
2. Am I now stuck HAVING to use this number or could I just use my S.S. number instead. It will be a sole proprietorship with no employees. This is probably my main concern since I understand it is kind of odd for a proprietorship with 0 employees to have an FEIN.
3. Is there any downside to having an FEIN as far as taxes are concerned. Can I still just include everything on my personal income taxes just as I would if I used my SS #.
Sorry if this started to sound rambling. Taxes and this kind of stuff has always made me nervous just thinking about it. I would really appreciate any help you can provide. Thanks.
I was wondering if you guys could help me out with a few questions I have. I have a FEIN number from 2 years ago that I had to get in order to place a public bid on a seasonal business( i live near the shore.) I lost out on that bid so the number was never used. I honestly don't know what I was thinking even getting the number since I could have just used my social security #. Now, I am bidding on a similar seasonal lease from a township and was wondering a few things:
1. Can I use the same FEIN number? I understand that the number stays with me forever but just want to make sure I don't have to activate it again or something.
2. Am I now stuck HAVING to use this number or could I just use my S.S. number instead. It will be a sole proprietorship with no employees. This is probably my main concern since I understand it is kind of odd for a proprietorship with 0 employees to have an FEIN.
3. Is there any downside to having an FEIN as far as taxes are concerned. Can I still just include everything on my personal income taxes just as I would if I used my SS #.
Sorry if this started to sound rambling. Taxes and this kind of stuff has always made me nervous just thinking about it. I would really appreciate any help you can provide. Thanks.
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