Organizations of all shapes and sizes need a South Carolina Tax ID (EIN) Number. In order to obtain one of these numbers, though, you have to know the best process to follow. You can apply in a few different ways, but it is the online route that will get you the number in the quickest manner. If you want to follow the path to get your Federal EIN or FEIN quickly, it is the South Carolina Tax ID Application Guide that will get you there. By following this process, you will have an EIN in a matter of minutes.
Steps to Obtain your Tax ID (EIN) Number in South Carolina:
- Prepare Required Information
- Apply for a South Carolina Tax ID Online
- Apply for a South Carolina Tax ID by Phone, Mail or Fax
- How Do I Get an EIN in SC?
- How to Get a State Tax ID Number for a Small Business?
- How Do I Get a South Carolina State Tax ID Number?
Filling out the application required to get your tax ID doesn’t take much time- as long as you have the right information in place. Instead of tracking down the information as you need it when completing the application, it’s better to gather the information in advance, so you’re prepared to finish the application quickly.
The first thing you’ll need is a legal business name. After that, you’ll need to gather up information about all your partners and co-founding members. This information includes your full legal names, your addresses, and your social security numbers. This registers your business with the federal government, so make sure this information is accurate.
When you’re ready to apply for your South Carolina tax ID, with all the requisite information prepared, you’ll have a few main options to choose from. While traditional application methods, including applying over the phone, or by mail or fax, are available, it’s far more advantageous to apply online.
The online application process is simple, and more importantly, it’s accessible. You can access it any time of day, and get to the necessary forms in a matter of minutes. As long as you have the right information ready to hand over, it shouldn’t take you longer than a few minutes to complete the application.
After the application is complete, you’ll need to wait for it to process, but if you’ve filled it out online, you shouldn’t have to wait long. In fact, you should have your tax ID emailed to you within an hour, meaning you can start your business faster.
If, for some reason, you don’t want to follow the application process online, there are other options available to you. You can fill out an application by hand, which takes much longer, and mail in that form (or fax it in, if you still have a fax machine). You could also answer the important questions over a phone call with a representative. However, in either of these scenarios, you’ll be forced to wait much longer for your tax ID- sometimes up to 4 to 6 weeks. With no other benefits or advantages to speak of, you’re universally better off if you apply online.
In most cases, the term “tax ID” refers to your federal tax ID, a nine-digit unique number meant to register your business with the federal government, keep track of your taxes, and serve as a kind of social security number for your business. This is also referred to as an employer identification number, or EIN.
Your South Carolina business will need a federal tax ID if it has more than one member- for example, if it’s a partnership, an LLC with multiple partners, or a corporation. You’ll also need one if you plan on hiring employees (as its alternative name implies). You may also need an EIN if you’re going to apply for a business bank account, certain loans or lines of credit, or business permits and licenses in your local area.
If and when you’re ready to apply for a federal tax ID, your best bet is to apply online. You should be able to complete the application quickly, so long as you have the information available to you, and because online processing is so fast, you should get your tax ID via email in less than an hour.
Just as your small business may need a federal tax ID number on a federal level, you may also need a state tax ID number on a state level.
If your small business needs a South Carolina state tax ID number, you can follow a similar application process to the one you completed with your federal tax ID. In fact, you may need your federal tax ID in place before you can register with the South Carolina state government.
Once your small business is ready to apply for a state tax ID number, it’s in your best interest to complete the process online. You have the option of applying for your state tax ID via phone, mail, or fax, but these processes are less convenient and take much longer- to the tune of several additional weeks. Unfortunately, your small business may not get its South Carolina state tax ID in an hour (like you can with an EIN). Even if you apply online, it could take several weeks to process.
As explained in the section above, you can get a South Carolina state tax ID number for your small business by applying online. The application is easy to fill out, and the processing time is much faster than with traditional processes.
You may be confused about whether you need an EIN, a South Carolina state tax ID, or both. While most businesses in South Carolina will need both a federal tax ID and a state tax ID, there are a few conditions you can check to see what your business specifically requires. You’ll need a federal tax ID if your business has multiple members, if you’re hiring employees, or if you’re going to apply for a bank account, license, or permit. You’ll need a South Carolina state tax ID if you’re hiring employees in South Carolina, if you’re selling taxable goods and services in the state, or if you plan on owing excise taxes. Fortunately, since both tax ID numbers are easy to obtain if you apply for them online, it shouldn’t take long to get what you need.