Uploaded June 2023 | Updated September 2026, 1 week ago
If you have a side hustle, you might be wondering if you need a tax ID number, also referred to as an EIN or FEIN. In this video, I’ll discuss whether or not you should get an EIN or employer identification number for your side hustle business.
An EIN is a nine digit number assigned to sole proprietors, corporations, partnerships and LLCs, for tax filing and reporting purposes. It’s a permanent number issued by the IRS, and that is how they identify your company.
As a side hustle business owner, you’re most likely taxed as a sole proprietor. And, since sole proprietors and single member LLCs report their business income on their personal tax returns, they’re NOT required to obtain a tax ID number unless they have employees or a qualified retirement plan.
🛑 Freelancers & Side Hustlers: Simplify Your Taxes! Download My Ultimate Guide to Side Hustle Taxes Now!
noellorenzanacpa.com/opt-in-filing-taxes-and-saving-money-ebook
🛑 Got a Side Hustle? File Your Own Taxes Without Hiring an Expensive Accountant!
noellorenzanacpa.com/how-to-file-taxes-for-your-side-hustle
☕ Buy Me a Coffee: Help support the channel!
buymeacoffee.com/NoelLorenzana
📘 FREE EBOOK FOR ENTREPRENEURS!
noellorenzanacpa.com/10-tips-to-simplify-your-taxes
Hi, I'm Noel Lorenzana, a Registered CPA based in Illinois. I created this channel to help everyday people better understand money, protect their wealth, and prepare for whatever comes next through thoughtful discussions about gold and silver, wealth management, and tax strategy.
On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.
★CONNECT WITH ME ON SOCIAL MEDIA ★
Website: noellorenzanacpa.com
Facebook: web.facebook.com/noelblorenzana
LinkedIn: linkedin.com/in/noellorenzanacpa
Twitter: twitter.com/noelblorenzana
🎥 RECOMMENDED VIDEOS 🎥
youtu.be/DiecQ7V6G30
youtu.be/UrOrIujiZ1U
youtu.be/ij7p2vXMsVM
Thanks for watching my video on, Side Hustle SECRETS! Do You REALLY Need a Tax ID Number?
Disclaimer: The information presented in this video is for informational and educational purposes only and should not be considered accounting, tax, legal, financial, or investment advice. Watching this video does not create a client relationship. While I strive for accuracy, I cannot guarantee that all information is complete, current, or applicable to your specific situation. Always consult with a qualified professional before making financial, tax, or investment decisions.
Affiliate Disclosure: Some links in the description may be affiliate links, which means I may earn a commission if you purchase through them at no additional cost to you. I only recommend products and services that I have personally researched, use, or believe provide genuine value to my audience.
⏱️VIDEO CHAPTERS⏱️
00:00 - What is a Tax ID Number? Do I Need One?
00:40 - EIN or FEIN (Federal Employer Identification Number)
01:18 - Benefits of Tax ID Number for a Side Hustle Business Owner
01:47 - How to Get a Tax ID Number?
02:23 - Full Course: How to File Taxes For Your Side Hustle
Replay Video Link: youtu.be/c7ZUKxpU4F4
#taxes #sidehustle #sidehustles
If you have a side hustle, you might be wondering if you need a tax ID number, also referred to as an EIN or FEIN. In this video, I’ll discuss whether or not you should get an EIN or employer identification number for your side hustle business.
An EIN is a nine digit number assigned to sole proprietors, corporations, partnerships and LLCs, for tax filing and reporting purposes. It’s a permanent number issued by the IRS, and that is how they identify your company.
As a side hustle business owner, you’re most likely taxed as a sole proprietor. And, since sole proprietors and single member LLCs report their business income on their personal tax returns, they’re NOT required to obtain a tax ID number unless they have employees or a qualified retirement plan.
🛑 Freelancers & Side Hustlers: Simplify Your Taxes! Download My Ultimate Guide to Side Hustle Taxes Now!
noellorenzanacpa.com/opt-in-filing-taxes-and-saving-money-ebook
🛑 Got a Side Hustle? File Your Own Taxes Without Hiring an Expensive Accountant!
noellorenzanacpa.com/how-to-file-taxes-for-your-side-hustle
☕ Buy Me a Coffee: Help support the channel!
buymeacoffee.com/NoelLorenzana
📘 FREE EBOOK FOR ENTREPRENEURS!
noellorenzanacpa.com/10-tips-to-simplify-your-taxes
Hi, I'm Noel Lorenzana, a Registered CPA based in Illinois. I created this channel to help everyday people better understand money, protect their wealth, and prepare for whatever comes next through thoughtful discussions about gold and silver, wealth management, and tax strategy.
On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.
★CONNECT WITH ME ON SOCIAL MEDIA ★
Website: noellorenzanacpa.com
Facebook: web.facebook.com/noelblorenzana
LinkedIn: linkedin.com/in/noellorenzanacpa
Twitter: twitter.com/noelblorenzana
🎥 RECOMMENDED VIDEOS 🎥
youtu.be/DiecQ7V6G30
youtu.be/UrOrIujiZ1U
youtu.be/ij7p2vXMsVM
Thanks for watching my video on, Side Hustle SECRETS! Do You REALLY Need a Tax ID Number?
Disclaimer: The information presented in this video is for informational and educational purposes only and should not be considered accounting, tax, legal, financial, or investment advice. Watching this video does not create a client relationship. While I strive for accuracy, I cannot guarantee that all information is complete, current, or applicable to your specific situation. Always consult with a qualified professional before making financial, tax, or investment decisions.
Affiliate Disclosure: Some links in the description may be affiliate links, which means I may earn a commission if you purchase through them at no additional cost to you. I only recommend products and services that I have personally researched, use, or believe provide genuine value to my audience.
⏱️VIDEO CHAPTERS⏱️
00:00 - What is a Tax ID Number? Do I Need One?
00:40 - EIN or FEIN (Federal Employer Identification Number)
01:18 - Benefits of Tax ID Number for a Side Hustle Business Owner
01:47 - How to Get a Tax ID Number?
02:23 - Full Course: How to File Taxes For Your Side Hustle
Replay Video Link: youtu.be/c7ZUKxpU4F4
#taxes #sidehustle #sidehustles
