For years, we've helped individuals and businesses navigate complex tax regulations with confidence. From bookkeeping and payroll to tax preparation and accounting, our team delivers accurate financial solutions tailored to your goals.
On average, entrepreneurs in the U.S. launch 4.7 million new businesses every year. If you’re adding your brand to the list, applying for an EIN might be one of the first things you do. Business structures that require an EIN can’t pay taxes without one, while those free from the requirement may find that having an EIN streamlines banking, licensing, and credibility. Here’s what you need to know.
What Is an EIN?
An Employer Identification Number (EIN) is a business tax identifier that’s issued by the IRS. Does your business need one? The answer depends on your business structure and goals. According to the IRS, you’ll need an EIN if your business:
Do Sole Proprietors Need an EIN?
If you’re a sole proprietor with no employees, you can use your Social Security Number instead of an EIN. You won’t have the hassles of applying for the number or remembering when to use it. However, there are disadvantages attached to not having an EIN.
Is Your Hobby Really a Business?
It doesn’t matter if you knit hats or create miniature figurines—once you start making money, you need to figure out if your hobby is really a business. Why? Because the decision has significant implications for your tax bill.
Let’s dive in.
Hobby vs. Business
If you make money with a hobby or business, the IRS wants to know about it. You’ll need to declare your gains on your tax return. However, what happens next depends on how you designate your activity.
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Nationwide Tax Services began with a straightforward mission: simplifying tax and financial management for our community members.
We recognized that handling taxes and bookkeeping creates stress and confusion for many people, motivating us to establish an organization that prioritizes accessibility and ease.
An EA, or IRS Enrolled Agent, performs a variety of services — everything from general bookkeeping and tax preparation, to business consulting.
At Nationwide Tax, we offer the following:
Nationwide Tax has the knowledge and resources to represent clients and empower large and small businesses from a wide range of industries.
We specialize in the following industries:
- Real Estate
- Construction
- Legal Firms
- Technology & Software
- Manufacturing
- Healthcare
- Professional Services
- Food& Beverage
- Aircraft parts sales & repairs
- Not-for-profit entities
Two main advantages include freedom from time-consuming tasks and expert financial insights.
To get started, all you need to do is schedule an initial consultation with us.
We understand that the process might feel a bit overwhelming initially, but that is exactly why we are here--to guide you through every step of the way.
Tax laws are often complicated. We have professionals who stay abreast of ever-changing laws and regulations that enable accurate filings and help you get the best deductions.
If you find yourself behind on tax returns or bookkeeping, rest assured that you are not alone--and we are here to help.
We will work closely with you to assess your unique circumstances, develop a tailored plan to address the outstanding issues, and guide you towards getting back on track.
Representation protects your rights and provides equal bargaining with the IRS.
Absolutely, we work with both businesses and individuals.
Our services are customized to address the unique needs of each client. Whether you are a business seeking comprehensive financial guidance or an individual looking for personalized accounting support, we are here to provide solutions catering to your needs.
Cost-effective and reliable service liberates time for the development of businesses.
Yes, we offer full-service payroll, process tax payments or file quarterly or annual reports.
It could be monthly, quarterly, or annually. It all depends on your situation.
