Mel feller illustrates the differences between an identification number vs
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Mel Feller Illustrates the Differences Between an Identification Number Vs. Social Security Number by Mel Feller Mel Feller knows that like any individual, a business needs an identifier to separate it from every other company. Most small business owners get a separate tax identification number (TIN) in order to conduct business, keeping personal financial information separate from business. The choice to get a TIN depends on how your business is registered with the state and whether you have employees or not.
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Mel feller illustrates the differences between an identification number vs
- 1. Mel FellerIllustratesthe DifferencesBetweenanIdentificationNumberVs.Social SecurityNumber by Mel Feller Mel Fellerknowsthatlike anyindividual,abusinessneedsanidentifiertoseparate itfromeveryother company.Most small businessownersgetaseparate tax identificationnumber(TIN) inordertoconduct business,keepingpersonalfinancial informationseparate frombusiness.The choice togeta TIN dependsonhowyourbusinessisregisteredwiththe state andwhetheryouhave employeesornot. Mel Fellerclarifiesthe differencesbelow: IdentifyingTax Numbers A tax identificationnumberisanine-digitIDthatgovernment authoritiesuse toidentifyabusinessor individual.The tax identificationnumberforanindividual iscalledhisSocial Securitynumber.The tax identificationnumberforabusinessentityisusuallycalledanEmployerIdentificationNumber(EIN) or justa TIN.In short,a Social Securitynumberisa type of tax identificationnumber,butatax identificationnumberisnotalwaysaSocial Securitynumber. Purpose of TIN The main purpose of anytax identificationnumberistoallow the businessownerto pay taxesonbehalf of the business.Whenfilingbusinesstaxes,the companyownermustincludethisnumberonhertax forms.Banksrequire a tax identificationnumbertoopenanaccount inthe businessname.Suppliersand customerssometimesaskatax identificationnumberinordertoestablishanaccountwiththe company or cut a checkfor paymentfortax reasons. Situation NotRequiringa TIN In the case of a sole proprietorship,aSocial Securitynumberisthe same thingasthe business'tax identificationnumber.A sole proprietor'spersonal Social Securitynumberautomaticallycovershis businessactivities--theownerandbusinessare the same.However,ownersof otherbusinesstypes (partnershipsandcorporations) mustapplyforaseparate tax identificationnumberinorderto conduct business.A partnershipinvolvestwoormore people,sothe businesscannotuse justone owner'sSocial Securitynumber.A corporationisa unique entity,clearlyseparatefromanindividual. Hiring Employees While asole proprietordoesnotneedanEIN inorderto conduct business,she doesneedone if she plansto hire employees.The sole proprietorneedsthe EIN inordertopay employmenttaxesonbehalf
- 2. of herworkers.The EIN will showoneach employee'syearlyW-2.Some small businessownersneedan EIN if theyassociate withcertaintypesof organizations,includingfarmers'cooperatives,nonprofitsand some typesof trusts. Mel’sThoughts Some statesalsorequire small businessestoapplyfora separate state-issuedidentificationnumber.For instance,inTexas,youmayhave to geta TexasTaxpayerIDnumberso youcan pay the TexasFranchise Tax. If youemploypeople,youmayneedtouse yourstate-issuedbusinessIDnumbertopaystate employmenttaxesonemployees'behalf. MEL FELLER AND WHAT ARE HIS SKILL SETS Mel Fellerisacertifiedexecutivecoachandconsultantforleaderswhoneedtoachieve significant personal andorganizational results. One of Mel Feller’sexpertise,insightsandengagingstyle helpshisclientsgainwisdomandclarity,which resultin: Executiveswholeadmore effectively Teamsthat seektocommunicate andcollaborate,and Organizationsthatare alignedwithbusinessstrategy Mel Fellerhasoverthree decadesof coachingand consultingexperience indiverse industries,which providesarich frameworkforhisorganizational insightsandcreative solutions.Ibringsa thoughtful approach to hiswork,carefullyintegratingbothmycoachingandconsultingskillsandabilities.When consulting,myfocusison“what youare doing”(i.e.,goal setting,problemsolving,takingactionand achievingresults).Whencoaching,myfocusison“whoyou are being”(i.e.,how youare leading, aligningyourvaluesandtappingyourgifts).Asaclient,theybecome more consciouslyaware of how payingattentionto – and balancingboth – are criticallyimportanttotheirsuccess. Whenyoucombine Mel Feller’skeeninsightsandengagingstylewithhisin-depthskills,technical certificationsandbroadindustryexperience,the resultisauniquelyqualifiedexecutive coachand organizational consultant. So...whatkindof coach are you?"
- 3. I getthis questionalot.Moreover,the answeris…Iam a Life Coach,Executive Coach,CareerCoach,and Business Coach.Icoach teens,businessexecutives,authors,artists,entrepreneurs,retiredseniors,busy momsand entire organizations. “Truth telling,honesty,andcandor:IlovedyouMel Feller!Youhave somuch energyandknowledge!I trulyhope I getanotheropportunitytobe coachedby you.I see myself alittle clearernow,andit’snot so bad.” Lisa Mathews “Mel Felleryouaddedmore value thanwe canpossiblysee rightnow.Mel Feller,youare warm, inviting,andaccommodating.Thankyouforcomingalongside usinthistransition!” VanessaCavanaugh “Mel Fellerthe besteducationsessionthatwe have attendedinmanyyears!Thankyousomuch — I am veryexcitedtoputeverythingyouhave taughtusintopractice!” Michael Randolph “Mr. Mel Feller,Thankyou,thankyou,thankyoufor givinga marvelouskeynote atourSymposium! While we have notyetcollectedthe official feedback,the unofficialfeedbackwasthatYou Were a Hit! I heardnothingbutcomplimentsregardingyourpresentations.Thankyouformakingsucha positive impacton our attendees!” Lyle CunninghamVP "Mel Felleruseshishumor,compassion,anddirectnature tohelpbringoutthe bestinme.Mel Felleris committedtohelpingme live...Imean,reallylive,life toitsfullest." Jose Rodriguez Mel FellerLinks https://www.instagram.com/mel.feller https://ourmrmel.tumblr.com/