IRS Archives - Drafted Legal

Get an EIN Number for Your LLC

by Wesley Henderson | May 11, 2021 | Best Practices, LLC, Quick Tips

Sole Proprietor’s do not need an EIN. But, most Sole Proprietors really don’t need to be doing business without an LLC. Here’s why. An EIN is like a business’s social security number. It tells the IRS who the business is. Single-member LLCs...

How to Obtain an EIN

by Wesley Henderson | Sep 18, 2020 | Quick Tips, Side Business

An EIN (or Tax ID) is how the IRS identifies your business. If you are a single-member LLC, you can either obtain an EIN or use your SSN. So, if you have set up a single member LLC through Drafted Legal or elsewhere, you can still file your taxes correctly without an...

Startup Business Deductions that Every Business Owner Should Know About

by Wesley Henderson | Sep 17, 2020 | Quick Tips, Side Business

Business Deductions In the words of Kramer, just “write-it off.” In the famous Seinfeld episode, THe Package, that aired on October 17, 1996. Kramer: They just write it off. Jerry: Write it off what? Kramer: Jerry, all these big companies, they just write off...

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