TIN Questions

[Christina72684]

I am a license daycare home owner, well co-owner with my mom. When we filled out our licensing paperwork we had to fill out a W-9, which had something to do with a Tax ID Number, but I'm not sure if that got us a TIN or not. We didn't have a name for the daycare yet, so I just put my name and social security number on it.

We went to the bank to open a business bank account but they said we had to have a TIN, but I didn't want to apply for one again if we already had one. I asked our licensing consultant if we would get a TIN since we filled that paper out and she had no clue! Plus she said the bank shouldn't need one.

So do we had one since I filled out a W-9? I just didn't want to apply twice and get everything screwed up! Also, whats the difference between a TIN and an EIN? We have an assistant that works for us so we're trying to figure out payroll and all that good stuff, so we didn't know if we needed that too.

Thanks so much for all the help!

[heyhun77]

The W-9 is simply a form for the state to record information on the person accepting payments from them (for instance state childcare assistance payments). You probably used one of your social security numbers on the W-9. In order to get a TIN (Taxpayer Identification Number) you need to go to the IRS website at www.irs.gov and find the link to request a TIN. You answer the questions on the website and it will immediately give you your TIN. Print out the page and keep it for your records. The IRS will later send you a letter confirming your TIN.

The bank wants a TIN because you are opening a business checking account and probably in the name of your business. If you are in fact using an assumed name for your business you need to get the TIN in that same name.

If you just want a regular checking account for the business income and expenses to go through you could just open a joint account in both names without the business name on it.

If you ARE using an assumed name you will want to check with your state's secretary of the state to find out if the name you are using is already in use. If not, then you can file to register the use of your assumed name so no one else can use it. It's usually a quick form to fill out and a small application fee to process it. If you have done this already then you're done with one step of the process.

I hope I addressed everything you were asking.

[TomCopeland]

For tax purposes you want an EIN (Employer Identification Number). An EIN is one type of TIN.

Here's information about the EIN: http://www.tomcopelandblog.com/2011/...o-parents.html

Heyhun77 is correct.