What is an "Employee Identification Number" (EIN) and do I need one?

What is an "Employee Identification Number" (EIN) and do I need one?

Gregg Wind (Partner, Wind Bermer Hockenberg, LLP) gives expert video advice on: As a self-employed person, how do I handle my tax withholding? and more...

An Employee Identification Number is something by which the taxing authorities recognize you, somebody that has employees will be required to get one. In these days of identity theft, it's usually advisable to have a separate Tax ID Number. If you don't have one, you have to operate under your Social Security Number. A Taxpayer Identification Number, or TIN, is really the same as an Employer Identification Number, or EIN. It's an alternative means of identifying your business, and it generally allows for something other than your Social Security Number being used to identify yourself.