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Financial Planning / Tax Strategies
|Subject: Re: SSN vs EIN||Date: 6/27/2013 11:41 AM|
|Author: TMFPMarti||Number: 118764 of 121774|
I have my own business as a sole proprietor. I have read at several places online the suggestion to get EIN to give to clients instead of my SSN.
Is that good advice?
I think it is, given what one hears about identity theft. The instructions for Form W-9, which is what you use to inform payers of your TIN, say that the IRS prefers you use your SSN, but if you have an EIN that's fine.
Schedule C only asks for SSN. I don't see a place to also put the EIN so the IRS can match up the 1099s and my tax return.
See item D on Schedule C. Don't worry about IRS matching. They're not going to be upset if you report more income than was reported to them on 1099's.
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