Business EIN’s allow you to seperate your business bank accounts from your personal bank accounts. This makes it easier to track your business expenses easier. EIN gives you as the taxpayer more privacy; EIN prevents you from sharing your Social Security Number. To get a Business EIN from the IRS fill out Form SS-4 and mail it to the IRS.
Another way to get an EIN for your business is to go to the following website and apply for the EIN online: https://sa.www4.irs.gov/modiein/individual/index.jsp ----Applying for an EIN online is quicker but sometimes the IRS website is down and its difficult to prove your identity because you need to give some information.
To close a business you fill out a BC-100 for the state of Indiana and you file a FINAL tax return for the year you closed the business.
Opening and closing a business is pretty straightforward. Running the business and keeping it open is more difficult and time consuming. QuickBooks help me run my business. I print 2 financial statements every Quarter. The profit/loss statement and the balance sheet. The profit/loss statement tells me what I have earned and what I have spent. I do my budget on this statement. The balance sheet shows me how much I have paid myself in Owner Draws and what my bank balance is currently. Everyone should be financially aware in regards to actual numbers and the budget numbers.
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