A couple of weeks ago I met a friend for dinner and she asked what “kind” of business she should be. At first, I was confused. I thought maybe she meant what should she be selling, and started into my usual shpeel about find something you’re interested in that you can see yourself doing for years when she stopped me.
If you have a business, then you have tax payments. This is one of those “good” problems to have lol!** One quick and easy way to make those payments is using the Electronic Federal Tax Payment System, or EFTPS.
If you already have an EIN, then you might also have one of those little yellow covered coupon books for your tax payments. (If you need a Federal Tax ID#, and EIN, go here.) I’m talking about the book with the yellow cover and the little blue coupons that you take to the bank to make your payroll or income tax payments. Well, with EFTPS, you don’t have to do that anymore. No more coupons, no more trips to the bank. Life is just a small tid of a bit easier. ☺
Once you have an EIN , you can then apply for an EFTPS account by going to www.eftps.com. You can access your EFTPS account either online or via the internet, whichever you’re more comfortable with. I usually choose the internet because it’s a bit faster than having to dial through all the menus on the telephone, but whichever you feel more comfortable with is fine. This is one of those times where whatever makes you feel good and gets the task done is the way to go.
One of the first things you’ll need to do when you go into business is get a Federal Tax ID# (TIN), also known as an Employer Identification Number or EIN. This is like a social security number for your business, and it’s really easy to do.
You can actually apply online or by phone and get a number within minutes by going HERE. Be sure to scroll all the way to the bottom of the page and click on “Apply Online Now” and then the “Begin Application” button. There is a button will take you to an area on the IRS website where you can apply for your EIN. You can also apply by regular mail, however this method takes up to four weeks, so my suggestion is to use the online or phone method.