How Long Does It Take To Get A Tax ID Number?

Whenever you deal with the government, most of the time it can take forever to get something done. Anyone who’s ever been to the DMV or dealt with the IRS can tell you that the government is not well known for their speed and efficiency. Nonetheless, if you’re starting a new business, then you will have to go through the IRS to get a Federal Tax ID Number. If you’ve never done this before and it seems a bit overwhelming, let us walk you through the process of getting a tax ID number. The good news is it’s a lot simpler than you might think.

Do I Need a Tax ID Number?

If you are starting a sole proprietorship, which means that your company will have only one person working for it (you), then you won’t need to apply for a new ID. The reason for this is that you can connect the business to your personal ID, which is usually your social security number.

If, however, you want to hire employees or you want your business to be separate from yourself for financial purposes (such as opening a business bank account), then you will have to apply for a new number, which is called an EIN (employer ID number).

How to Apply

The submission process for getting a new ID number is rather simple, provided that you do it online. Technically, you can fax your documents or mail them directly to the IRS, but as we said, the government moves rather slowly when dealing with physical paperwork. Instead, you can file everything online and pay all of your fees at the same time so that you can get a response much faster. How long does it take on average? About two to three hours, with some cases taking as many as twelve.

This means that you can file your documents in the morning and have a new ID by the end of business day. Best of all, you can check your tax ID online to make sure that it is active and valid.

Overall, the process can be quite painless, as long as you have all of your documentation ready for submission.

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Financial Independence: Is It Really Possible for Anyone Paying Off a Scary Mortgage Every Month?

In the current UK climate, mortgage debt is seen as a necessity. Mortgages are the only way for the larger percentages of the population to get on the property ladder. However, the proliferation of mortgage debt hasn’t made it less of a huge issue.

The average UK household debt as at November 2016, with mortgages included, was £55,982. This worked out at 113.2% of average earnings per adult.

It is therefore easy to see why many people battling with mortgages are stuck wondering if they will ever be financially independent. Fortunately, examples abound of people who have paid off huge mortgage and went on to become financially independent so it is possible to do so. Apart from winning the lottery, this piece looks at practical steps you can take.

Seek Professional Help

If you find yourself slaving away each month to pay off the mortgage and it looks like you are barely scratching the surface, consider getting professional help. You can use mortgage calculators to do basic calculations on the situation of your mortgage but a financial advisor can take a holistic approach to analysing your debt. Can you get better rates elsewhere? Are paying off the mortgage in an efficient manner? Will you be better served getting a remortgage now? These are questions that will be answered by the advisor that can drive you closer to getting rid of the debt.

Cut Down on Major Expenses and Save

As you battle big mortgage payments, it is easy to forget the needs to save and cut down expenses where necessary. Putting away the money spent on coffee or pints is good but for anyone seeking financial independence, the big hits will make more impact. Look for possible ways to save money on food, transportation and household expense. Do you really need to upgrade your 1080p TV to a 4K/Ultra HD? How much will you save over the course of a month if you take your own food to work instead of eating at your favourite café? The savings made from cutting down on impulsive purchases, including one-offs, can quickly add up. Put the money away and your savings will suddenly start looking up.

Invest What is Left

Putting all your income into paying off mortgage will make the journey to financial independence harder. When you have worked out the most efficient way to pay off your mortgage and how to put more money away, the next step is to make calculated investments. Your investment fund should be separate from your retirement savings where possible. It is where you should send extra money as a result of raises, cash gifts and more. When properly managed, your investments can become your go-to source for mortgage payment funds. In your investments,  look beyond typical financial portfolios. Crowdfunding property investments and investments in viable startups are all possible angles.

Financial independence with heavy mortgage payments is possible. Proactive approach and meticulous planning is what you need.

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