Why Every Freelancer Should Have an EIN Number
Maybe you’ve just started freelancing, or maybe you have been for years. Either way, having an EIN number is important for your business.
One of our Opolis team members recently mentioned how in one year, she filled out 12 W-9s for tax purposes. What’s your record? If you’re a freelancer, you’re likely very familiar with the W-9 tax form. It’s what employers use for tax compliance when they hire freelancers and independent contractors. But did you know that it’s also an important place to protect your personal identification information?
If you’ve filled out a W-9, you probably know that there’s a section which asks for your Social Security Number, or alternatively, an EIN number. As a freelancer, the best way to protect your personal information is to use an EIN, or Employee Identification Number. While your clients may be scrupulous, not everyone who accesses your form might be, and using your social security number can put you at risk of identity theft. Having an EIN is an easy way to protect yourself, and your freelance business.
How to Get Your Employee Identification Number
That’s why as an Opolis Employment Commons member, you will need an Employee Identification Number, or EIN. If you’ve already filed your paperwork to become an LLC/S-Corp for Opolis, then you will find this number on your paperwork.
If you haven’t yet formed your LLC/S-Corp, you must do so before becoming an Opolis Employment Commons member. It’s the best way to mitigate risk for your business, and it makes your tax compliance easy and automated with Opolis. Luckily, we make it simple to do so! You can follow our handy guide here to get started.
Once you have your EIN, make sure to start using it instead of your Social Security Number on every W-9 form you fill out. While you must continue to remain savvy about your partnerships (because business identity theft is a thing too), an EIN can go a long way to preventing identity theft.
Ready to get started but still have questions? Talk to a member specialist today to learn how Opolis could save you money.
