"Tin Vs Ein" Discussion
When it comes to discussing the differences between Tin and Ein, it's important to understand what each of these terms means. Tin stands for Taxpayer Identification Number and is used by individuals or businesses to identify themselves with the IRS. On the other hand, Ein stands for Employer Identification Number and is a unique number assigned to a business in order to identify them with the IRS.
The primary difference between Tin and Ein is that Tin applies only to individuals while Ein applies only to business entities. A person may have both a Tin and an Ein registered with the IRS, but they would not use their personal Tin when filing taxes as a business entity; instead, they would need their separate corporate or partnership Ein. Additionally, while any individual or business can apply for an EIN number from the IRS, only certain types of taxpayers are eligible for a tin.
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