Taxes come with their own set of terminology, which can be confusing even for experienced tax filers. The TIN is certainly a common tax term that may inspire some confusion. Here is a bit more about the TIN and how you can get your very own.
What is a TIN?
The TIN stands for Taxpayer Identification Number, and will essentially identify an individual or an entity in the eyes of the IRS. For most individuals, this is a Social Security Number, which is assigned by the Social Security Administration, or, in some cases the Internal Revenue Service. For corporations, this can take the form of an IRS EIN tax ID. The EIN is an Employer Identification Number that is given to most companies.
Who Needs a TIN?
Everyone who works and pays taxes in the United States, and US territories, needs a TIN. The type of TIN that you should apply for, and whether or not you need to apply for a TIN, depends on whether you are filing your taxes as an employer or an employee.
Where can I get my TIN?
If you are an employee, your TIN is your social security number- which should be located on your social security card. If you do not have a social security card, you likely have another TIN number, and can consult with your employer if you are uncertain about tax season. If you are filing for a corporation, you will need an IRS EIN Tax ID. You can get your EIN number online, by fax or by mail – though online is the fastest method.
Will my TIN Expire?
Just like your social security number, your TIN will never expire. If you filed for an EIN, that EIN will forever remain tied to a given corporation.
If you aren’t prepared for tax season, there is plenty of help available- including help obtaining an EIN and filing your taxes.