Filling for EIN

Member since 2023 · 5 posts · 3 votes

How should I file my EIN for a typical fix-and-flip company. I have already registered with my state in GA. It will be me and my dad running this company as the owners. I need advice on how to structure this business with IRS for maximum tax benefits?

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Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
3y
You can either get an EIN by yourself on the IRS website or hire an accountant to apply it for you.

If you used an attorney / website to create your entity, they may have already applied for an EIN for you.

The question you likely have is would it be more beneficial for me to set up as a S-Corporation to save on taxes.
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Luis Alvarez
Real Estate Consultant · Colorado Springs, CO · Member since 2014 · 86 posts · 64 votes
3y
@Noman Aslami It would depend on the entity you chose, which it sounds like you did already?? But to @Basit Siddiqi's point, it's something that can be obtained from the IRS and we always make sure that we obtain the immediately-available PDF so you have the EIN right away, rather than opting for the letter delivery, which takes a couple weeks from the IRS.
To the other point, the question is whether the volume of the activities will justify the entity being taxed as an s-corp. But something for you and a CPA to review. Also, keep in mind that an LLC has tax flexibility, which means you can choose (with guidance from a CPA) on how to treat it for taxes to maximize tax savings.
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