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EIN and LLC
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David
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Apr 15, 2023 11:48AM

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Deleted a comment due to a link. Please keep the rules of the group in mind when posting. Thanks.



Sorry, it slipped my mind :)

Thank you Gale. I am an author. Not sure why my books don't show up. I haven't really done any promo here. My understanding is if my house, pension, etc. are in a trust they are protected - just had a lawyer tell me that. But might want the LLC and EIN for tax reasons and was told to ask my accountant if there would be sufficient tax gains to make the expense of the LLC worthwhile.
Hope that info is helpful to others as well.

Thank you Gail. Not sure why my books don't show up. Just one more thing to take care of it...

Hi David, there are two different kinds of profiles here, readers and authors. An author's profile displays your books so everyone here can see them. It would be very beneficial to you, I think. As for the legalities, you can file taxes as an official business, DBA, LLC, etc. Or, you can use the self-employed status for taxes, which is filing a Schedule C along with your other tax forms. You will need to claim income from book sales, Amazon and other retailers will provide a 1099 form at the end of the year with the total sales/income, but you can also deduct expenses directly involved in your sales. I am speaking for the US only. Hope that helps:)

This is very helpful. Thank you. Just trying to set up author profile. Not as easy for me as I would like it to be as my author name, David Unger, PhD is not allowed here - just David Unger, and there are other authors with that name...


Hey! Just a quick breakdown in case you're wondering about whether forming an LLC means you have to get a federal EIN (Employer Identification Number):
You’re required to get an EIN if:
Your LLC has more than one member
You plan to hire employees
You elect to have your LLC taxed as a corporation
You’re filing certain federal tax forms (like excise taxes or retirement plans)
Or you’re opening a business bank account (most banks require one)
If you’re a single-member LLC with no employees, the IRS technically lets you use your Social Security Number for taxes � but getting an EIN is still highly recommended because:
It protects your personal SSN
It’s more professional for banking and payments
It’s usually required for opening business accounts, PayPal Business, etc.
It’s totally free and easy to apply for online through the IRS