Does My Business Need an Employer Identification Number (EIN)?

The purpose of an employer identification number (EIN) — also known as a taxpayer identification number, or TIN — is to allow the IRS to track wages and other payments from your business to the business’s employees and owners. An EIN is also helpful in establishing a business bank account that’s separate from your personal […]

Keeping Employee Records for Tax Purposes

Small businesses can avoid trouble with the IRS by keeping the right employee records and tax documents. If your small business has employees — or if you use independent contractors — you must keep certain records in order to avoid getting into trouble with the IRS. Basically, you need to keep records of all wages […]