Reasons to Consider Applying for an EIN as a Sole Proprietor

1642247An EIN (Employment Identification Number) is assigned by the IRS for businesses that have registered as any type of entity (corporation, partnership, trust).  It is the number used to identify the business for tax purposes, and to allow the business to open financial accounts with the business name.

As a sole proprietor without any employees, you would never have to register for an EIN.  However, I recommend that you do register for this identification number.  You are probably wondering why I recommend this to you if there is no requirement to do so.  My response is for your protection. Continue reading “Reasons to Consider Applying for an EIN as a Sole Proprietor”

Planning for Social Security

Lu Casillas article 3 graphicHow do you feel about Social Security? Is it going to be there when you’re ready to retire or will it be gone? The reality is yes, it will be there. The next question is when should you take your Social Security? You can begin at age 62. This is the option many people take. Every year you wait after age 62 will increase your Social Security payment. Of course there are many factors to consider when making your decision, such as health, wealth and family situations.
Continue reading “Planning for Social Security”