3

This is a bit of an XY problem but please bare with me:

Main Goal:

  • Save $50+/month by switching phone providers from a large carrier to a small company.

Obsticle(s):

  • Aquiring a plan from the smaller phone provider requires being a small business (verified by an EIN)

  • The tangled mess that is the IRS.

Possible Resources:

  • As a side job, I've started doing a few wood burning projects for friends out of my home.

  • I've been thinking of opening something like an etsy page and trying my luck, but the market is pretty saturated so I wouldn't expect to make any more than $100/year.

Question:

Is there any way I can get an EIN (via my wood burning hobby) and get a plan through the small phone provider without making my taxes a nightmare each year?

3

EIN is free, and requires no real documentation. Anyone who accepts money from someone requesting a tax ID should have this, it helps avoid the risk of identity fraud by keeping your social security number private. It's referenced on my tax return, but my regular SSN is what we file under.

As far as the phone provider is concerned, I can't comment. Just addressing the EIN issue here.

For what it's worth, you can go to the IRS web site, and apply right there. When you get to the first set of choices, you are a "Sole Proprietor", i.e. you are just yourself, no corp, no partnership, etc.

  • Ok, to confirm then, I can just go to the IRS and say "One EIN please!" Then just file everything under my social as I'm doing now? Other things I was looking at made it seem much more complex XD – GentlemanS Aug 24 '17 at 13:14
  • 1
    See my edit. Yes, some things are simpler than you'd imagine. If finance were your passion, eventually some things that trip people up would seem simple or obvious. Being old, and having done these things already also helps. – JTP - Apologise to Monica Aug 24 '17 at 13:19
  • Well alright then! I now have an EIN. Thanks for being here :D – GentlemanS Aug 24 '17 at 13:59
  • If I can paraphrase Doug Crockford, "Use your EIN for good, not evil." Glad to be of assistance. – JTP - Apologise to Monica Aug 24 '17 at 14:21
  • With great power comes great responsibility! – Harper - Reinstate Monica Aug 24 '17 at 18:04

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.